The Behavior of Foreign Exchange Markets: A Critical Survey of the Empirical LiteratureNew York University, Graduate School of Business Administration, Salomon Brothers Center for the Study of Financial Institutions, 1978 - Foreign exchange - 54 pages |
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Page 23
... identify the proportion of cover- ing undertaken by traders or arbitragers . Also , the empirical parts of the paper consist of capital flow rather than foreign exchange estimations . Artus [ 1976 ] develops and estimates a model of ...
... identify the proportion of cover- ing undertaken by traders or arbitragers . Also , the empirical parts of the paper consist of capital flow rather than foreign exchange estimations . Artus [ 1976 ] develops and estimates a model of ...
Page 37
... identified no fewer than seven different testable views of what constitutes significant evidence of destabilizing ... identify ) an equilibrium rate , authors in this category have liberally used the existence of a high amplitude of ...
... identified no fewer than seven different testable views of what constitutes significant evidence of destabilizing ... identify ) an equilibrium rate , authors in this category have liberally used the existence of a high amplitude of ...
Page 42
... identifying destabilizing speculation ( where this phenomenon is defined to be : demand based on expectations on future ... identify the phenomenon ( assuming that a monetary model is the " true " model of exchange rate determina- tion ) ...
... identifying destabilizing speculation ( where this phenomenon is defined to be : demand based on expectations on future ... identify the phenomenon ( assuming that a monetary model is the " true " model of exchange rate determina- tion ) ...
Common terms and phrases
Aliber Artus assets Bank biased Canadian dollar Canterbery coefficients concludes covered interest arbitrage covered interest differential covered margin indicator destabilizing speculation Deutschemark deviations from interest deviations from PPP distributed lag dummy variables econometric efficient markets efficient markets hypothesis empirical endogenous equilibrium estimates evidence of destabilizing exchange rate changes exchange rate expectations exogenous expectations function expected future spot explained explanatory variables finds Fisherian Flexible Exchange Rates flexible rate floating exchange rates foreign exchange markets forward exchange rate forward market forward premium forward rate French franc Frenkel and Levich future spot rate Grubel hedging identify imply interest arbitrage interest parity Journal Kohlhagen 1977b market efficiency mimeo monetary policy official demand official intervention paper Pippenger price changes profits proxy random walk hypothesis regression relative prices significant simultaneity bias specification speculative period spot and forward stabilizing Stein studies subsequent spot rate techniques tests theoretical Theory tion transaction costs unstable volatility