The Exchange Rate in a Behavioral Finance Framework:
This book provides an alternative view of the workings of foreign exchange markets. The authors' modeling approach is based on the idea that agents use simple forecasting rules and switch to those rules that have been shown to be the most profitable in the past. This selection mechanism is base...
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| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Princeton, NJ
Princeton University Press
[2018]
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| Subjects: | |
| Links: | https://doi.org/10.1515/9780691186993 |
| Summary: | This book provides an alternative view of the workings of foreign exchange markets. The authors' modeling approach is based on the idea that agents use simple forecasting rules and switch to those rules that have been shown to be the most profitable in the past. This selection mechanism is based on trial and error and is probably the best possible strategy in an uncertain world, the authors contend. It creates a rich dynamic in the foreign exchange markets and can generate bubbles and crashes. Sensitivity to initial conditions is a pervasive force in De Grauwe and Grimaldi's model. It explains why large exchange-rate changes and volatility clustering occur. It also has important implications for understanding how the news affects the exchange rate. De Grauwe and Grimaldi conclude that news in fundamentals has an unpredictable effect on the exchange rate. Sometimes, they maintain, it alters the exchange rate considerably; at other times it has no effectwhatsoever. The authors also use their model to analyze the effects of official interventions in the foreign exchange market. They show that simple intervention rules of the "leaning-against-the-wind" variety can be effective in eliminating bubbles and crashes in the exchange rate. They further demonstrate how, quite paradoxically, by intervening in the foreign exchange market the central bank makes the market look more efficient. Clear and comprehensive, The Exchange Rate in a Behavioral Finance Framework is a must-have for analysts in foreign exchange markets as well as students of international finance and economics |
| Item Description: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Nov 2018) |
| Physical Description: | 1 online resource |
| ISBN: | 9780691186993 |
| DOI: | 10.1515/9780691186993 |
Staff View
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| 520 | |a This book provides an alternative view of the workings of foreign exchange markets. The authors' modeling approach is based on the idea that agents use simple forecasting rules and switch to those rules that have been shown to be the most profitable in the past. This selection mechanism is based on trial and error and is probably the best possible strategy in an uncertain world, the authors contend. It creates a rich dynamic in the foreign exchange markets and can generate bubbles and crashes. Sensitivity to initial conditions is a pervasive force in De Grauwe and Grimaldi's model. It explains why large exchange-rate changes and volatility clustering occur. It also has important implications for understanding how the news affects the exchange rate. De Grauwe and Grimaldi conclude that news in fundamentals has an unpredictable effect on the exchange rate. Sometimes, they maintain, it alters the exchange rate considerably; at other times it has no effectwhatsoever. The authors also use their model to analyze the effects of official interventions in the foreign exchange market. They show that simple intervention rules of the "leaning-against-the-wind" variety can be effective in eliminating bubbles and crashes in the exchange rate. They further demonstrate how, quite paradoxically, by intervening in the foreign exchange market the central bank makes the market look more efficient. Clear and comprehensive, The Exchange Rate in a Behavioral Finance Framework is a must-have for analysts in foreign exchange markets as well as students of international finance and economics | ||
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Record in the Search Index
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| any_adam_object | |
| author | De Grauwe, Paul Grimaldi, Marianna |
| author_facet | De Grauwe, Paul Grimaldi, Marianna |
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| dewey-full | 332.4/56 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4/56 |
| dewey-search | 332.4/56 |
| dewey-sort | 3332.4 256 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1515/9780691186993 |
| format | Electronic eBook |
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| id | DE-604.BV045878932 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T18:37:22Z |
| institution | BVB |
| isbn | 9780691186993 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-031262109 |
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| publisher | Princeton University Press |
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| spelling | De Grauwe, Paul Verfasser aut The Exchange Rate in a Behavioral Finance Framework Marianna Grimaldi, Paul De Grauwe Princeton, NJ Princeton University Press [2018] © 2006 1 online resource txt rdacontent c rdamedia cr rdacarrier Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Nov 2018) This book provides an alternative view of the workings of foreign exchange markets. The authors' modeling approach is based on the idea that agents use simple forecasting rules and switch to those rules that have been shown to be the most profitable in the past. This selection mechanism is based on trial and error and is probably the best possible strategy in an uncertain world, the authors contend. It creates a rich dynamic in the foreign exchange markets and can generate bubbles and crashes. Sensitivity to initial conditions is a pervasive force in De Grauwe and Grimaldi's model. It explains why large exchange-rate changes and volatility clustering occur. It also has important implications for understanding how the news affects the exchange rate. De Grauwe and Grimaldi conclude that news in fundamentals has an unpredictable effect on the exchange rate. Sometimes, they maintain, it alters the exchange rate considerably; at other times it has no effectwhatsoever. The authors also use their model to analyze the effects of official interventions in the foreign exchange market. They show that simple intervention rules of the "leaning-against-the-wind" variety can be effective in eliminating bubbles and crashes in the exchange rate. They further demonstrate how, quite paradoxically, by intervening in the foreign exchange market the central bank makes the market look more efficient. Clear and comprehensive, The Exchange Rate in a Behavioral Finance Framework is a must-have for analysts in foreign exchange markets as well as students of international finance and economics In English Foreign exchange rates Political aspects Foreign exchange rates Psychological aspects Wechselkurs (DE-588)4064921-0 gnd rswk-swf Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 gnd rswk-swf Eingeschränkte Rationalität (DE-588)4403080-0 gnd rswk-swf Wechselkursänderung (DE-588)4129405-1 gnd rswk-swf Devisenmarkt (DE-588)4139011-8 gnd rswk-swf Kursanomalie (DE-588)4380086-5 gnd rswk-swf Mathematisches Modell (DE-588)4114528-8 gnd rswk-swf Devisenmarkt (DE-588)4139011-8 s Wechselkursänderung (DE-588)4129405-1 s Kursanomalie (DE-588)4380086-5 s Eingeschränkte Rationalität (DE-588)4403080-0 s Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 s 1\p DE-604 Wechselkurs (DE-588)4064921-0 s Mathematisches Modell (DE-588)4114528-8 s 2\p DE-604 Grimaldi, Marianna aut https://doi.org/10.1515/9780691186993 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | De Grauwe, Paul Grimaldi, Marianna The Exchange Rate in a Behavioral Finance Framework Foreign exchange rates Political aspects Foreign exchange rates Psychological aspects Wechselkurs (DE-588)4064921-0 gnd Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 gnd Eingeschränkte Rationalität (DE-588)4403080-0 gnd Wechselkursänderung (DE-588)4129405-1 gnd Devisenmarkt (DE-588)4139011-8 gnd Kursanomalie (DE-588)4380086-5 gnd Mathematisches Modell (DE-588)4114528-8 gnd |
| subject_GND | (DE-588)4064921-0 (DE-588)4508395-2 (DE-588)4403080-0 (DE-588)4129405-1 (DE-588)4139011-8 (DE-588)4380086-5 (DE-588)4114528-8 |
| title | The Exchange Rate in a Behavioral Finance Framework |
| title_auth | The Exchange Rate in a Behavioral Finance Framework |
| title_exact_search | The Exchange Rate in a Behavioral Finance Framework |
| title_full | The Exchange Rate in a Behavioral Finance Framework Marianna Grimaldi, Paul De Grauwe |
| title_fullStr | The Exchange Rate in a Behavioral Finance Framework Marianna Grimaldi, Paul De Grauwe |
| title_full_unstemmed | The Exchange Rate in a Behavioral Finance Framework Marianna Grimaldi, Paul De Grauwe |
| title_short | The Exchange Rate in a Behavioral Finance Framework |
| title_sort | the exchange rate in a behavioral finance framework |
| topic | Foreign exchange rates Political aspects Foreign exchange rates Psychological aspects Wechselkurs (DE-588)4064921-0 gnd Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 gnd Eingeschränkte Rationalität (DE-588)4403080-0 gnd Wechselkursänderung (DE-588)4129405-1 gnd Devisenmarkt (DE-588)4139011-8 gnd Kursanomalie (DE-588)4380086-5 gnd Mathematisches Modell (DE-588)4114528-8 gnd |
| topic_facet | Foreign exchange rates Political aspects Foreign exchange rates Psychological aspects Wechselkurs Mikrostrukturtheorie Kapitalmarkttheorie Eingeschränkte Rationalität Wechselkursänderung Devisenmarkt Kursanomalie Mathematisches Modell |
| url | https://doi.org/10.1515/9780691186993 |
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