research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation … monetary model are not fully robust to data frequency and alternative estimation periods, either. Nevertheless, adding openness … to the stock-flow approach and augmenting the monetary model with share prices and the country risk premium improves …

news and communication along with the estimated exchange rate misalignment on exchange rate as well as its volatility …

heterogeneity. The risk premium influences heterogeneity as well, but possible impacts from macroeconomic variables and exchange … rate’s volatility are dominated by the other determinants. …

January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk …

increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of … volatility (and spread) than non-intervention days. We also show for intraday data that the price impact of interbank order flow … position taking, the targeted exchange rate range holds and volatility, spread and price impact go down. Overall, the credible …

puzzles of exchange rates: excessive volatility, fat tails, volatility clustering, and disconnection from the fundamentals. In … addition, the target zone regime replicates a reduced nominal volatility for the same level of fundamental volatility as in the …