credit, including © notice, is given to the source. Interest Rates and the Exchange Rate: A Non-Monotonic Tale

helpful comments. Lahiri would also like to thank SSHRC for research support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications