No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

Much has been written by historians and sociologists as well as business commentators
about the modern economy—the kind that supplanted the traditional economy in several …

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook
available today. This revised second edition emphasizes the general equilibrium character …

Quantitative Financial Economics Quantitative Financial Economics provides a
comprehensive introduction to models of economic behaviour in financial markets, focusing …

Empirical evidence shows that most exchange rate volatility at short to medium horizons is
related to order flow and not to macroeconomic variables. We introduce symmetric …

We report findings from a survey of United States foreign exchange traders. Our results
indicate that:(i) in recent years electronically-brokered transactions have risen substantially …

A major puzzle in international finance is that high interest rate currencies tend to appreciate
(forward discount puzzle). Motivated by the fact that only a small fraction of foreign currency …

This paper computes welfare maximizing Taylor-style interest rate rules, in a business cycle
model of a small open economy. The model assumes staggered price setting and shocks to …

Our capacity to predict will be confined to... general characteristics of the events to be
expected and not include the capacity for predicting particular individual events....[However,] …

Policy-makers often justify their choice of fixed exchange rate regimes as a shelter against
nonfundamental influences in the foreign exchange market. This paper proposes a …