on overshooting. In that literature overshooting is an important explanation for exchange rate volatility. A separate … the evidence for overshooting is highly suspect while the evidence that flexible exchange rates are approximately … martingales is rock solid. Given the strength of the evidence, models that imply overshooting probably should be rejected out of …

A significant increase in the level and volatility of many commodity prices over the past decade has led to a debate … level and volatility of commodity prices. The available evidence suggests that while financial investors can affect the … short-run price dynamics for some commodities, the level and volatility of commodity prices appear to be primarily …