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Author : Gabriele Galati
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.3/5 ( download)
Download or read book Macroeconomic News and the Euro/dollar Exchange Rate written by Gabriele Galati and published by . This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Abdelmagead Elbiali
Publisher :
ISBN 13 :
Total Pages : 736 pages
Book Rating : 4.:/5 (571 download)
Download or read book The Role of Macroeconomic News on Stock Prices and Foreign Exchange Rates written by Abdelmagead Elbiali and published by . This book was released on 1990 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jacob A. Frenkel
Publisher : University of Chicago Press
ISBN 13 : 0226262537
Total Pages : 393 pages
Book Rating : 4.2/5 (262 download)
Download or read book Exchange Rates and International Macroeconomics written by Jacob A. Frenkel and published by University of Chicago Press. This book was released on 2010-01-15 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, presenting some of the finest new research on exchange rates and international macroeconomics, contains papers and critical commentary by thirty-two leading economists. Taken together, these papers provide sound evidence about the effects of real and monetary factors on exchange rates and extend the analyses of exchange rates and international macroeconomics by outlining the kinds of behavior and institutional arrangements that can be incorporated into such analyses. Both empirical and theoretical research are represented, and the contributors analyze such issues as the performance of various models of exchange rate determination, the role of risk and speculation in the forward market for foreign exchange, the rational expectations hypothesis in such markets, the performance of monetary policy in ten industrial countries, the role that labor market contracts play in exchange rate policies, the effect of he oil shocks on the evolution of exchange rates, and the output cost of bringing down inflation in the open economy.
Author : Fang Cai
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.3/5 (121 download)
Download or read book The Impact of Macroeconomic Announcements on Real Time Foreign Exchange Rates in Emerging Markets written by Fang Cai and published by . This book was released on 2009 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper utilizes a unique high-frequency database to measure how exchange rates in nine emerging markets react to macroeconomic news in the U.S. and domestic economies from 2000 to 2006. We find that major U.S. macroeconomic news have a strong impact on the returns and volatilities of emerging market exchange rates, but many domestic news do not. Emerging market currencies have become more sensitive to U.S. news in recent years. We also find that market sentiment could sway the impact of news on these currencies systematically, as good (bad) news seems to matter more when optimism (pessimism) prevails. Market uncertainty also interacts with macroeconomic news in a statistically significant way, but its role varies across currencies and news"--Federal Reserve Board web site.
Author : Xinyao Zhou
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Macroeconomic News and Exchange Rates written by Xinyao Zhou and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martin D. D. Evans
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (318 download)
Download or read book How is Macro News Transmitted to Exchange Rates? written by Martin D. D. Evans and published by . This book was released on 2003 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests whether macroeconomic news is transmitted to exchange rates via the transactions process and if so, what share occurs via transactions versus the traditional direct channel. We identify the link between order flow and macro news using a heteroskedasticity-based approach, a la Rigobon and Sack (2002). In both daily and intra-daily data, order flow varies considerably with macro news flow. At least half of the effect of macro news on exchange rates is transmitted via order flow.
Author : Sandro Kraft
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (794 download)
Download or read book Macroeconomic News, Exchange Rate and Equity Returns written by Sandro Kraft and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The joint reactions of numerous markets in both Europe and the United States as well as three major US dollar currency pairs to US macroeconomic news announcement is studied and examined using standard theory and analysis. Relative to existing and current research a most recent data sample - 21st of July 2011 is the last data entry - is considered, the most recent crisis - financial crisis in 2007-2008 and economic recession in 2008-2009 - are included in the sample and three major markets - US financial markets, European financial markets and the foreign exchange markets focusing on US dollar exchange rates - are examined. After identifying macroeconomic variables and performing a biasedness test, the analysis identifies four variables (durable goods orders, non-farm payroll, trade balance and unemployment) for exchange rates; five variables (durable goods orders, non-farm payroll, trade balance, retail sales and unemployment) for European equity indices; and one variable, consumer confidence, to have a significant influence. Typically, the R2 for the variables are lower than in previous research, but not contradictory lower. Overall R2 are also lower and in two cases almost contradictory low. A test performed to identify different reaction by the market to good and bad news shows that with three exceptions, reactions are not significantly different conditional on the news. After the analysis, five possible reasons are stated why results in this paper differ from previous research and explain the shortcomings of the model used.
Author : Jean-Olivier Hairault
Publisher : Routledge
ISBN 13 : 1134426135
Total Pages : 320 pages
Book Rating : 4.1/5 (344 download)
Download or read book Exchange Rate Dynamics written by Jean-Olivier Hairault and published by Routledge. This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.
Download or read book EURUSD Exchange Rate written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Determining the movements of currency exchange rates is a longstanding topic in financial market research. Short-term movements are considered to be at least partially explained by the arrival of new information to the market. One way to observe such reactions is to look at scheduled macroeconomic data releases and analyze how markets react if the actual number differs from what was expected. Most studies in this field so far focused on US news announcements. This thesis looks at the euro-dollar exchange rate movements from 2007-2014. It compares news surprises for German, Eurozone and US macroeconomic releases. As opposed to previous studies, the impact of US surprises in recent years appears less dominant, while simultaneously at least German news surprises have the power to move the currency pair when looking at the continuous returns in the first five minutes following the release. Furthermore, it is shown that the response to news surprises change over time alongside fluctuations in the business cycle.
Author : Helinä Laakkonen
Publisher :
ISBN 13 : 9789524621700
Total Pages : 41 pages
Book Rating : 4.6/5 (217 download)
Download or read book The Impact of Macroeconomic News on Exchange Rate Volatility written by Helinä Laakkonen and published by . This book was released on 2004 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä: Makrouutisten vaikutus valuuttakurssin volatiliteettiin.
Author : Richard Payne
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Effects of Macroeconomic 'News' on High Frequency Exchange Rate Behavior written by Richard Payne and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the high frequency reaction of the DEM/USD exchange rate to publicly announced macroeconomic information emanating from Germany and the U.S. By using data sampled at a five-minute frequency, we are able to identify significant impacts of most announcements on the exchange rate change in the 15 minutes post-announcement, although the significance of these effects decreases rapidly as the interval over which the post-announcement change in exchange rates is increased. The direction of the exchange rate response conforms, in general, with a reaction function interpretation whereby reactions to macroeconomic news are driven by the likely operations of monetary authorities in domestic money markets. Further, we detect influences of German monetary policy decisions on the reaction of the exchange rate, and also differences between U.S. and German announcements in the exchange rate reaction time pattern.
Author : Farrokh K. Langdana
Publisher : Springer Science & Business Media
ISBN 13 : 1475736460
Total Pages : 299 pages
Book Rating : 4.4/5 (757 download)
Download or read book Macroeconomic Policy written by Farrokh K. Langdana and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective – incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.
Author : Paul De Grauwe
Publisher : World Scientific
ISBN 13 : 9814513202
Total Pages : 585 pages
Book Rating : 4.8/5 (145 download)
Download or read book Exchange Rates And Global Financial Policies written by Paul De Grauwe and published by World Scientific. This book was released on 2014-02-04 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange Rates and Global Financial Policies brings together research and work done by world-class economist Paul De Grauwe over the past two decades. Drawing inspiration from behavioural finance literature, De Grauwe covers topics such as exchange rate economics, monetary integration (with particular attention on the Eurozone), and international macroeconomics.His work is categorised across three parts. The first part develops new theoretical and empirical approaches to exchange rate modelling. The second part features a collection of papers on the theory and empirical analysis of monetary unions. The final part contains criticism of mainstream macroeconomic models as well as proposed alternative modelling approaches.
Author : Ryan Love
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)
Download or read book Macroeconomic News, Order Flows and Exchange Rates written by Ryan Love and published by . This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In textbook models of exchange rate determination, the news contained in public information announcements is directly impounded into prices with there being no role for trading in this process of information assimilation. This paper directly tests this theoretical result using transaction level exchange rate return and trading data and a sample of scheduled macroeconomic announcements. The main result of the paper is that even information that is publicly and simultaneously released to all market participants is partially impounded into prices via the key micro-level price determinant ő order flow. We quantify the role that order flow plays and find that approximately one third of price relevant information is incorporated via the trading process.
Author : Joseph E. Gagnon
Publisher : Peterson Institute
ISBN 13 : 0881326356
Total Pages : 301 pages
Book Rating : 4.8/5 (813 download)
Download or read book Flexible Exchange Rates for a Stable World Economy written by Joseph E. Gagnon and published by Peterson Institute. This book was released on 2011 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Author : Massimo Tivegna
Publisher : Routledge
ISBN 13 : 1351152424
Total Pages : 289 pages
Book Rating : 4.3/5 (511 download)
Download or read book News and Exchange Rate Dynamics written by Massimo Tivegna and published by Routledge. This book was released on 2017-11-30 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'News and Exchange Rate Dynamics' proposes an innovative taxonomy of news affecting exchange rates. It establishes a metrics for the impact on exchange rates movements. In doing so it provides the first results of an ongoing research activity on the economic, financial and non-financial determinants of infra daily fluctuations of exchange rates, whose ultimate goal is to explain the formation of market sentiment on one particular currency and the way it changes over time in response to the accumulation of new information. The authors provide a detailed description of the selection criteria of the news and how it impacts exchange rates.
Author : Martin D. D. Evans
Publisher : Princeton University Press
ISBN 13 : 1400838843
Total Pages : 561 pages
Book Rating : 4.4/5 (8 download)
Download or read book Exchange-Rate Dynamics written by Martin D. D. Evans and published by Princeton University Press. This book was released on 2011-03-14 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and in-depth look at exchange-rate dynamics Variations 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 economics Outlines theoretical and empirical research across the spectrum of modeling approaches Presents new results on the importance of currency trading in exchange-rate determination Provides new perspectives on long-standing puzzles in exchange-rate economics End-of-chapter questions cement key ideas
