What's It Like in the Real World?

In 20 16, i wanted to give a talk about arbitrage. It was just around the time that japan was entering the yield curve control. Olivie blanchard used to derive movements of exchange rates from uncovered interest rate paroty conditions. But by this point, 20 12, and for sure in 20 16, develop markets were no longer following this right? There were huge cross currency bases going on,. only eventually capped by the growing use of central bank swap lines.