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The solution to the forward-bias puzzle: Reply

The solution to the forward-bias puzzle: Reply,10.1016/j.intfin.2011.07.004,Journal of International Financial Markets, Institutions and Money,John Pi

The solution to the forward-bias puzzle: Reply   (Citations: 2)
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My proposed econometric solution to the forward-bias puzzle provoked several comments. Those comments raise three primary objections to my solution. (1) It suffers from multicollinearity, miss-specification and other serious econometric problems. (2) My key test equation is a tautology or identity. (3) My econometric solution has nothing to do with either the forward-bias puzzle or uncovered interest parity. This is my reply to those objections.
Journal: Journal of International Financial Markets, Institutions and Money , vol. 21, no. 4, pp. 629-636, 2011
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