Abstract
NBER WORKING PAPER SERIESRANDOM WALK EXPECTATIONS AND THE FORWARD DISCOUNT PUZZLEPhilippe BacchettaEric van WincoopWorking Paper 13205http://www.nber.org/papers/w13205NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138June 2007We are grateful to Adriano Rampini for comments. The paper was written while van Wincoop visitedthe Hong Kong Institute for Monetary Research. van Wincoop acknowledges financial support fromthe institute. Bacchetta acknowledges financial support by the National Centre of Competence in ResearchFinancial Valuation and Risk Management (NCCR FINRISK). The views expressed herein are thoseof the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.© 2007 by Philippe Bacchetta and Eric van Wincoop. All rights reserved. Short sections of text, notto exceed two paragraphs, may be quoted without explicit permission provided that full credit, including© notice, is given to the source.
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