Philly Fed paper investigates relationship between oil prices and exchange rates
A Federal Reserve Bank of Philadelphia working paper shows little systematic relation between oil prices and the Canadian-US dollar exchange rate.
The paper is titled Can Oil Prices Forecast Exchange Rates? Released in August, Domenico Ferraro, Ken Rogoff and Barbara Rossi investigate whether oil prices have a reliable and stable out-of-sample relationship with the Canadian-US dollar nominal exchange rate.
Using state-of-the-art methodologies, the authors find little systematic relation between
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