Purpose – The random walk forecast of exchange rate serves as a standard benchmark for forecast comparison. The purpose of this paper is to assess whether this benchmark is unbiased and directionally accurate under symmetric loss. The focus is on the random walk forecasts of the dollar/euro...

European monetary history prior to 1950 presents many attempts at international monetary coordination, but none were as bold and as far reaching as the European Monetary Union envisioned in the Delors Report of 1989 and enacted through the 1991 Treaty on the European Union in Maastricht. This...

This study investigates the use of two different types of the Artificial Neural Networks (ANNs), Feed-Forward (FF) Neural Network and Nonlinear Autoregressive with Exogenous Input (NARX) neural network, in forecasting the exchange rate of the US dollar against the three major currencies: the...