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Conclusion

  • Ronald MacDonald
  • Ian Marsh
Part of the Advanced Studies in Theoretical and Applied Econometrics book series (ASTA, volume 37)

Abstract

Are foreign exchange markets efficient? Are fundamentals important for predicting short- to medium-run exchange rate movements? What is the signal-to-noise ratio of high frequency exchange rate movements? And is it possible to define a measure of an equilibrium exchange rate that passes standard statistical tests and is also useful from an assessment perspective? These are the kinds of questions we have tried to address in this book. After more than two-hundred pages, in which we have overviewed the relevant literatures and presented some new empirical results, we are now in a position to provide some answers.

Keywords

Exchange Rate Real Exchange Rate Foreign Exchange Market Standard Statistical Test Exchange Rate Movement 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media Dordrecht 1999

Authors and Affiliations

  • Ronald MacDonald
    • 1
  • Ian Marsh
    • 2
  1. 1.University of StrathclydeUK
  2. 2.City University Business SchoolUK

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