1 Department of Economics, University of Chicago, 11 26 East 59th Street, Chicago, IL 60636, and National Bureau of Economic Research. · 2 Department of Economics, University of California, Los Angeles, Bunche Hall 9379, Los Angeles, CA 90095-1477, Federal Reserve Board of Minnesota, and NBER. · 3 Research Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Box 291, Minneapolis, MN 55480-0291, University of Minnesota, and NBER.
Abstract
If Exchange Rates are Random Walks, Then Almost Everything We Say About Monetary Policy is Wrong by Fernando Alvarez, Andrew Atkeson and Patrick J. Kehoe. Published in volume 97, issue 2, pages 339-345 of American Economic Review, May 2007