). The theoretical basis for the paper stems from the works of new classical macroeconomics and rational expectation … hypothesis (REH). Lucas (1972) postulated that only the unanticipated monetary shock influences real economic activity. Using the …

). The theoretical basis for the paper stems from the works of new classical macroeconomics and rational expectation … hypothesis (REH). Lucas (1972) postulated that only the unanticipated monetary shock influences real economic activity. Using the …

). The theoretical basis for the paper stems from the works of new classical macroeconomics, rational expectation hypothesis …

error causes inefficiency in the foreign exchange markets. After bias adjustment, the rational expectation hypothesis holds …