The Feeble Link between Exchange Rates and Fundamentals: Can We Blame the Discount Factor?
提供实证证据支持贴现因子接近1的假设，从而解释名义汇率与基本面之间的经验脱节，对研究汇率决定理论的学者有参考价值。
Recent research demonstrates that the well‐documented feeble link between exchange rates and economic fundamentals can be reconciled with conventional exchange rate theories under the assumption that the discount factor is near unity ( Engel and West 2005 ). We provide empirical evidence that this assumption is valid, lending further support to the above explanation of the empirical disconnect between nominal exchange rates and fundamentals.