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Fixed Versus Flexible : Lessons from EMS Order Flow
Killeen, William P. - 2010
This paper addresses the puzzle of regime-dependent volatility in foreign exchange. We extend the literature in two ways. First, our microstructural model provides a qualitatively new explanation for the puzzle. Second, we test implications of our model using Europe's recent shift to rigidly...
Persistent link: https://www.econbiz.de/10012763111
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The Eurocrisis : Muddling Through, or on the Way to a More Perfect Euro Union?
Aizenman, Joshua - 2014
institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …
Persistent link: https://www.econbiz.de/10013052139
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Exchange Rate Fundamentals and Order Flow
Evans, Martin D.D; Lyons, Richard K. - 2021
We address whether transaction flows in foreign exchange markets convey fundamental information. Our GE model includes fundamental information that first manifests at the micro level and is not symmetrically observed by all agents. This produces foreign exchange transactions that play a central...
Persistent link: https://www.econbiz.de/10013224432
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Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, it and Productivity
Bloom, Nicholas - 2015
effect on innovation. We develop a simple "trapped factor" model of innovation that is consistent with these empirical …
Persistent link: https://www.econbiz.de/10013038317