Persistence in the Variability of Daily Exchange Rates

Persistence in the Variability of Daily Exchange Rates
Rational speculation in foreign exchange trading is often assumed to dampen exchange rate fluctuations by bringing the market back to fundamentals. Nevertheless, information congestion provides incentives for traders to follow positive feedback strategies which result in persistent and volatile exchange rate behavior by magnifying the impact of... READ MORE...

Publication date: October 1991
ISBN 9781451852738
$15.00

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