000			01699cam a22003137 4500
001			w0537
003			NBER
005			20211020115443.0
006			m o d
007			cr cnu||||||||
008			210910s1980 mau fo 000 0 eng d
100	1		_aCumby, Robert E. _98671
245	1	0	_aExchange-Rate Expectations and Nominal Interest Differentials: _bA Test ofthe Fisher Hypothesis / _cRobert E. Cumby, Maurice Obstfeld.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1980.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0537
500			_aAugust 1980.
520	3		_aThis note tests the hypothesis that nominal interest differentials between similar assets denominated in different currencies can be explained entirely by the expected change in the exchange rate over the holding period. This proposition, often called the "Fisher open" hypothesis or the hypothesis of perfect asset substitutability, has been a major component of recent theories of exchange-rate determination, and has important implications for monetary policy.
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
700	1		_aObstfeld, Maurice.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0537.
856	4	0	_uhttps://www.nber.org/papers/w0537
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0537
942			_2ddc _cW-PAPER
999			_c348075 _d306637