Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit ...

Tim Smith has 20+ years of experience in the financial services industry, both as a writer and as a trader. Gordon Scott has been an active investor and technical analyst or 20+ years. He is a ...

Random walk theory proposes that stock prices move unpredictably, making it impossible to predict future movements based solely on past trends. This financial theory, first popularized by economist ...