1. Time frames of exchange-rate determination

\fComplete the following table by indicating the exchange rate path for each graph element listed. Graph Element Exchange Rate Path Grey area (w) Green curve AB Green curve FThe determinants of exchange rate uctuations are different in the short run, medium run, and long run. Which of the following inuence short-run exchange rates? Check all that apply. Transfers of bank accounts and government securities Cyclical factors Transfers of assets that are sensitive to differences in real interest rates The following graph presents exchange rates as simultaneously determined by long-term structural, interim cyclical, and shortterm speculative forces