Guo, Hui (contributor); Savickas, Robert (contributor) - 2005
Deutsche mark/U.S. dollar rate in the non-overlapping semi-annual data and its improvements over the random walk model in the …@gwu.edu). This paper formerly circulated under the title “Foreign
Exchange Rates Don’t Follow a Random Walk.” We thank Mike Dueker … not outperform a naïve random walk model in the out-of-sample forecast of nominal
exchange rates. Mark (1995) argues that …