Frenkel, Jacob A.; Clements, Kenneth W. - 2022
1920's during which many exchange rates were flexible. This paper re-examines the evidence from the perspective of the … between spot and forward rates for the Franc/Pound, Dollar/Pound and Franc/Dollar exchange rates and the results are shown to …-least-squares estimates, the various exchange rates are also estimated as a system using the mixed-estimation procedure which combines the …