This paper reviews the evolution of China`s real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition...

We study firms' incentives to acquire private information on cost in a duopoly signaling game. Firms first choose how much to invest in information acquisition and then engage in dynamic price competition. In equilibrium firms acquire too little information from the perspective of industry...

This paper examines effects of monetary policy surprises on returns, volatilities, trading volumes, and bid-ask spread of two equity ETFs, the Samp;P 500 SPY fund and the Samp;P 400 MDY fund. The policy surprises are measured by both surprises in the federal funds rate target changes and...