Dallas Fed paper identifies sizeable asymmetries in FX and bond markets

A Dallas Federal Reserve paper published on Thursday finds evidence of sizeable asymmetries between exchange rates and government bonds.

Ippei Fujiwara, Lena Mareen Körber and Daisuke Nagakura, the paper's authors, measure asymmetries in the distribution of bond returns and exchange rates and test their statistical significance.

The results show asymmetries in exchange rates and in both domestic and international government bond returns are often sizable. The authors show that robust measures

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