We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in a floating regime and in a target zone regime. Regarding the floating regime the model replicates the well-known stylized facts like excessive volatility, fat tails, volatility...

The target zone model of Krugman (1991) has failed empirically. In this paper, we develop a model of the exchange rate with heterogeneous agents in a free floating and a target zone regime. We show that this simple model mimics the empirical puzzles of exchange rates: excessive volatility, fat...

We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in both a floating and a target zone exchange rate regime. When applied to the floating regime, the model replicates the well-known stylized facts, such as excess volatility, fat tails,...

We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in a floating regime and in a target zone regime. Regarding the floating regime the model replicates the well-known stylized facts like excessive volatility, fat tails, volatility...

We present a simple behavioral model with chartists and fundamentalists and analyze their trading behavior in a floating regime and in a target zone regime. Regarding the floating regime the model replicates the well-known stylized facts like excessive volatility, fat tails, volatility...

The target zone model of Krugman (1991) has failed empirically. In this paper, we develop a model of the exchange rate with heterogeneous agents in a free floating and a target zone regime. We show that this simple model mimics the empirical puzzles of exchange rates: excessive volatility, fat...

A continuous-time sequential job search model with savings and CARA preferences is solved analytically without resorting to unlimited borrowing and real-valued consumption. I isolate the effects of limited borrowing and nonnegative consumption as well as risk-aversion on the reservation wage by...

Die Kursentwicklung von Währungen wird häufig vor dem Hintergrund der Entwicklung der jeweiligen Geldmarktzinsen kommentiert, wobei ein Anstieg der Kurzfristzinsen in einem Währungsraum typischerweise eine Aufwertung der entsprechenden Währung nach sich zieht. Im Zuge der Finanzkrise hatten...

Die ultralockere Geldpolitik der Federal Reserve seit dem Platzen der Dot-Com-Blase hat zu einer anhaltenden Diskussion über ihre Auswirkungen auf den internationalen Kapitalverkehr geführt. Die Beobachtung, dass Vermögenspreise im Wesentlichen durch globale Liquiditäts- und Risikofaktoren...