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Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004)

Arlt, Josef; Kodera, Jan; Mandel, Martin; Tomšík, … - In: Politická ekonomie 2006 (2006) 3

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship … between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy … money and tradables inflation in the case of the Czech small open economy is not found. The conclusions presented in the …

Persistent link: https://www.econbiz.de/10005036707

'Large' vs. 'Small' Players : A Closer Look at the Dynamics of Speculative Attacks

Bjonnes, Geir Hoidal - 2013

What is the role of quot;large playersquot; like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information to smaller agents. In contrast, many observers argue that large...

Persistent link: https://www.econbiz.de/10012753255

Asymmetric Information in the Interbank Foreign Exchange Market

Bjonnes, Geir Hoidal - 2010

This paper provides evidence of private information in the interbank foreign exchange market. Our trading data are unique because they include trading-party identities and because they comprehensively include all interbank trading venues. We find that larger banks have more information than...

Persistent link: https://www.econbiz.de/10012715461

Asymmetric Information in the Interbank Foreign Exchange Market

Bjonnes, Geir Hoidal - 2010

This paper provides evidence that large dealing banks have more information than small dealing banks. Our data comprise the complete record of interdealer trades, including identities and the direction of the aggressor, at a good-sized bank during one week in 1998. We stratify the banks into...

Persistent link: https://www.econbiz.de/10012716705

The Impact of Different Players on the Volume-Volatility Relation in the Foreign Exchange Market

Bjonnes, Geir Hoidal - 2010

We examine the volume-volatility relation in the foreign exchange (FX) market using a unique data set from the Swedish krona (SEK) market that contains observations of 90-95 percent of all transactions from 1995 until 2002. We show that the strength of the volume-volatility relation depends on...

Persistent link: https://www.econbiz.de/10012717284

Arbitrage in the Foreign Exchange Market : Turning on the Microscope

Akram, Qaisar Farooq - 2010

This paper investigates the presence and characteristics of arbitrage opportunities in the foreign exchange market using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency, obtained from Reuters on special...

Persistent link: https://www.econbiz.de/10012717661

'Large' vs. 'Small' Players : A Closer Look at the Dynamics of Speculative Attacks

Bjonnes, Geir Hoidal - 2010

Persistent link: https://www.econbiz.de/10012717672

Exchange Rate Volatility and the Mixture of Distribution Hypothesis

Bauwens, Luc - 2010

This paper sheds new light on the mixture of distribution hypothesis by means of a study of the exchange rate volatility of the Norwegian krone. First, we find that the impact of changes in the number of information events on exchange rate volatility is statistically significant, and recursive...

Persistent link: https://www.econbiz.de/10012717736

Dealer Behavior and Trading Systems in Foreign Exchange Markets

Bjonnes, Geir Hoidal - 2010

We study dealer behavior in the foreign exchange spot market using detailed observations on all the transactions of four interbank dealers. There is strong support for an information effect in incoming trades. The direction of trade is most important, but we also find that the information effect...

Persistent link: https://www.econbiz.de/10012717800

U.S. Exchange Rates and Currency Flows

Rime, Dagfinn - 2010

After the Meese amp; Rogoff 1983-results, researchers have searched with torch for macroeconomic variables with predictive power on horizons shorter than 6 months. Recently, several papers have showed that order flows influence exchange rates intradaily. Maybe order flow may be of importance...

Persistent link: https://www.econbiz.de/10012717942