forecast combinations for the euro against the US dollar, the British pound, the Swiss franc and the Japanese yen. We use … and the British pound, although the excess return per unit of deviation is limited. For the euro against the Swiss franc … or the Japanese yen, no evidence of generalized improvement in profit measures over the benchmark is found. …

Persistent interest rate differentials account for much of the currency carry trade profitability. "Commodity … develop a general equilibrium model of international trade and currency pricing where countries have an advantage in producing … productivity shocks, forcing final-good producers to absorb them. Commodity-currency exchange rates and risk premia increase with …

This paper presents evidence that currency episodes display heterogeneity in terms of their evolution, their impact on …