Fixed versus Flexible: Lessons from EMS Order Flow
收藏NBER2001-09-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w8491
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资源简介：
This paper addresses the puzzle of regime-dependent volatility in foreign exchange. We extend the literature in two ways. First, our microstructural model provides a qualitatively new explanation for the puzzle. Second, we test implications of our model using Europe's recent shift to rigidly fixed
提供机构：
美国国家经济研究局
创建时间：
2001-09-01
