Rossi, Barbara - C.E.P.R. Discussion Papers - 2013
The main goal of this article is to provide an answer to the question: "Does anything forecast exchange rates, and if … models, and that a random walk forecasts exchange rates better than any economic model (the Meese and Rogoff puzzle). However … the literature and the data suggests that the answer to the question: "Are exchange rates predictable?" is, "It depends …