Grauwe, P. de

exchange exchange rate value parameter model markiewicz / journal market volatility agent banking fi tness money journal equilibrium period return disconnection solution table mechanism grauwe panel finance debasement markiewicz weight expectation chartist market exchange rate result strategy change currency banking era market rate 42–76 forecasting rules debasement rates exchange rates à2 dst à1 forecast note substitution chartist rule deviation forecasting dynamic distribution series sample function fi rst substitution bank notes seigniorage exchange rate returns process 1976 m 1-1998m sample period analysis debasement rate information taylor bottom panel puzzle condition fundamental equation demand uncertainty exchange rate dynamics exchange rate series exchange market state difference paper ficient study inflation asset pricing model 1 þ j