Volatility in the Foreign Exchange and Stock Markets: Is It Excessive?
回顾了有助于理解外汇汇率和股票价格波动的理论与实证分析，指出价格是否理性、有效且不过度波动是一个联合假设，需将实际波动性与基准模型隐含的波动性进行比较。
This paper examines recent theoretical and empirical analyses that may help us understand and eventually model the observed movements of foreign exchange rates and stock prices. Whether these prices are rational, efficient, and hence not excessively volatile is, of course, a joint hypothesis. The question in the title can never be answered in the abstract. We must always compare actual volatility to the volatility implied by a benchmark model.