Alternative approaches to real exchange rates and real interest rates: three up and three down
本文用三种方法、四种货币、两个时间跨度、20年数据检验实际汇率与实际利率的关系，每种方法都部分支持该关系，但均未完全确立其形式或有效性。
This paper examines the relationship between real exchange rates and real interest rates using three different approaches across four currencies and two horizons with 20 years of data. Each approach gives some encouragement that this relationship might hold, but each approach also encounters problems establishing the form or usefulness of the relationship. On balance, this paper contributes to the literature by finding more encouraging results than in earlier studies, but it still remains to be demonstrated that the real exchange rate–real interest rate relationship is the linchpin to explaining exchange rate movements. Copyright © 1999 John Wiley & Sons, Ltd.