haku: @author Grauwe, P. de / yhteensä: 13
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| Tekijä: | Grauwe, P. De Grimaldi, M. |
| Otsikko: | Exchange rate puzzles: A tale of switching attractors |
| Lehti: | European Economic Review
2006 : JAN, VOL. 50:1, p. 1-33 |
| Asiasana: | exchange rates trading transaction costs models |
| Kieli: | eng |
| Tiivistelmä: | In this paper, a model of the exchange rate is developed in which agents use simple forecasting rules. Based on an ex-post evaluation of the relative profitability of these rules it is decided whether or not to switch. In addition, transactions costs in the goods market are introduced. It is shown that the model creates great complexity in the market. The model is also shown to mimick most of the empirical puzzles uncovered in the literature. |
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