Findings of Forward Discount Bias Interpreted in Light of Exchange Rate Survey D

Cover Findings of Forward Discount Bias Interpreted in Light of Exchange Rate Survey D
Findings of Forward Discount Bias Interpreted in Light of Exchange Rate Survey D
Kenneth Froot
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u . :. :i i7i :. I7 -. O:: •i. OC;0) (II^S 3 Month 1/83-10/E4 -i. :!4: -2. 71 <:i -3. 37 tn O.^O 133 iZ. -Jl 0. 000 (:. Ie:3) ArEX Data 1/74-7/33 -2. 2107 -:. 3j M -3. 3: tit 0. 23 -It 2. IO ■*. C!7 '(■. ?i23; i^EJf i ilcnth l/7i-7/S5 -2. 4181 -'. 92 » -2. 71 tn ;. 2i 45 2. 42 0.^41 •i. 2:;oi ;. -E]( 12 Month 1/74-7/^3 -2. 137- -3. 03 15 -2. 97 »tt 0. 21 -0 l. Io 0. 137 il. ';:4°/ ■otss: ■^sthod of 1o«ent; -Ai^iiri e'rors ire in ;;r9-th?5e5. T -?!;r??jnt= jiqniticir. C" it th; 107. Levei, tl and »n r*-;r9£e^t iii-'iticarice a; t''. ? 37. I. -d P. Isviii, reEpect; vely. TABLE 2a COMPONENTS OF THE FAILURE OF THE UNBIASEDNESS HYPOTHESIS In Regressions of As on fd • Failure of Exist ;ence oi Rational Risk Prsfliuj Regression Expectations Coetficient (1) C) !-(li-(2) Cjla Set Approxisate Dates M A Jrc_ A A P :::r:ii=t Sit. i/si-i:/s5 SIS 1. 49 0. 03 '.. J. Ec:n : rtcnth a/ai-iz/as 190 :. 3i -0. 30 -i. :i i::-. J llcnh 4/ji-::, -;! :!0 :. ?9 o. Oc -;. ?2 E::i 1! f!:ntn i.

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