The Review of Economics and Statistics Vol. 61 No. 3 1979
Some Joint Tests of the Efficiency of Markets for Forward Foreign Exchange
Abstract
The validity of the rational-expectations hypothesis as applied to prices in active auction markets has been extensively tested. Numerous investigators have analyzed an enormous amount of data using many different statistical techniques, and no serious departure from the predictions of the hypothesis has been found. Thus, there is very strong evidence in favor of the hypothesis. (Poole, 1976, p. 467)
- DOI
- 10.2307/1926062
- Volume
- 61
- Issue
- 3
- Pages
- 334
- Sources
- openalex crossref