Exchange-Rate Dynamics (eBook)

Martin D. D. Evans (Autor)

eBook Download: EPUB

2011
600 Seiten
Princeton University Press (Verlag)
978-1-4008-3884-4 (ISBN)

Infos

A comprehensive and in-depth look at exchange-rate dynamicsVariations in the foreign exchange market influence all aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics. Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading.Macroeconomic models have long assumed that agents-households, firms, financial institutions, and central banks-all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Microbased models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these microbased models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading.Designed for graduate courses in international macroeconomics, international finance, and finance, and as a go-to reference for researchers in international economics, Exchange-Rate Dynamics guides readers through a range of literature on exchange-rate determination, offering fresh insights for further reading and research.Comprehensive and in-depth examination of the latest research in exchange-rate economicsOutlines theoretical and empirical research across the spectrum of modeling approachesPresents new results on the importance of currency trading in exchange-rate determinationProvides new perspectives on long-standing puzzles in exchange-rate economicsEnd-of-chapter questions cement key ideas

Autor

Martin D. D. Evans is professor of economics in the Department of Economics and professor of finance in the McDonough School of Business at Georgetown University.

Produkt-Details

• Erscheint lt. Verlag: 14.3.2011
• Reihe/Serie: Princeton Series in International Economics
• Reihe/Serie: Princeton Series in International Economics
• Zusatzinfo: 46 line illus. 34 tables.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Ökonometrie
• Schlagworte: aggregate demand • algorithmic trading • Approximation • Arbitrage • Ask price • asset • autocorrelation • balance of trade • Basis Point • Bid price • Brokerage firm • budget constraint • Calculation • Central Bank • coefficient • conditional expectation • Consumption (Economics) • Covariance matrix • Currency • Currency pair • Customer • Day Trading • Depreciation • Determinant • Determination • Discounts and allowances • dividend • Dollar Price • Economic equilibrium • Economics • economy • Elasticity of substitution • estimation • Exchange Rate • expected value • Financial asset • Forecast Error • Forecasting • Foreign Exchange Market • General Equilibrium Theory • Government bond • Hedge Fund • Household • impulse response • income • inference • Inflation • Interest • Interest Rate • interest rate parity • International Economics • Investment • Investor • Kalman Filter • Limit price • Long run and short run • Macroeconomics • marginal utility • Market Clearing • market liquidity • Market Participant • monetary policy • money market • Money Supply • Nominal interest rate • Output Gap • Prediction • Present Value • price change • Price Fixing • Price index • price level • Pricing • Probability • Production Function • Purchase Order • Purchasing Power Parity • Rate base (utility) • Rate of return • Rational Expectations • Real interest rate • Real versus nominal value (economics) • Risk Aversion • Risk Premium • Spot contract • Spot Market • standard deviation • standard error • Statistic • statistical significance • stochastic discount factor • Supply (economics) • Taylor Rule • Time Series • Trader (finance) • Trading Strategy • Value (economics) • Variance • Wealth • World Economy
• ISBN-10: 1-4008-3884-3 / 1400838843
• ISBN-13: 978-1-4008-3884-4 / 9781400838844