Smith, Peter N; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1984
closely approximated by a random walk. One of the attractions of the monetary model of the exchange rate is its ability to … the monetary model very often lead to rejection of the model. The blame for this is usually attributed to the breakdown of … importance of the likely principal causes of the failure of the monetary model. A second objective is to test the random walk …