000			02016cam a22003377 4500
001			w18646
003			NBER
005			20211020110412.0
006			m o d
007			cr cnu||||||||
008			210910s2012 mau fo 000 0 eng d
100	1		_aBurnside, A. Craig.
245	1	0	_aOn the Asset Market View of Exchange Rates / _cA. Craig Burnside, Jeremy J. Graveline.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2012.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w18646
500			_aDecember 2012.
520	3		_aIf the asset market is complete then the difference between foreign and domestic agents' log intertemporal marginal rates of substitution (IMRSs) equals the log change in the real exchange rate. This equation is frequently used to argue that changes in real exchange rates reflect differences between agents' required compensation for exposure to asset return uncertainty. We show that the relative returns on frictionlessly traded assets are only reflected in the common component of agents' IMRSs, not differences. Instead, when this equation does offer insights, frictions in the goods market are the source of economic distinction between agents.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF31 - Foreign Exchange _2Journal of Economic Literature class.
690		7	_aG15 - International Financial Markets _2Journal of Economic Literature class.
700	1		_aGraveline, Jeremy J.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w18646.
856	4	0	_uhttps://www.nber.org/papers/w18646
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w18646
942			_2ddc _cW-PAPER
999			_c329476 _d288038