Speculative markets such as those for stocks or currencies typically have an extremely short time horizon for transactions. Yet at the same time, stock prices and exchange rates go up or down in trend curves of several years ("bull" and "bear" markets). The paper takes the dollar/euro exchange...

Since the collapse of the Exchange Rate Mechanism of the European Monetary System in 1992-1993 the monetary setting for trade and investment has changed fundamentally. After six years of stable exchange rates the EU split into a hard-currency block under the "leadership" of the German Bundesbank...

Since the beginning of the 1990s, low real interest rates, an under-valued dollar, and a demand-oriented fiscal policy have together brought about an economic growth rate in the USA that has been high enough to lower both the country's level of unemployment and that of its budget deficit. In...

This paper investigates the sources of the profitability of 1024 technical models when trading in the German mark (euro)/U.S. dollar market. The main results are as follows. First, each of these models would have been profitable over the entire sample period. Second, this profitability is...

The paper summarises at first the main arguments in favour and against a FTT and provides empirical evidence about the movements of the most important asset prices. It is shown that their long swings result from the accumulation of extremely short-term price runs over time. Therefore a (very)...

The economic policy of Roosevelt's New Deal stays in sharp contrast to the course followed by European policy since 2009. At first, Roosevelt focussed on fighting the desperate feelings of people and the generally pessimistic mood of the public, on strictly regulating the financial sector and on...