This book collects my scholarly research on the behavior of foreign
exchange rates conducted over the past twenty-five years. The
collection includes papers that study the behavior of exchange
rates from the traditional macroeconomic and newer microstructure
perspectives. The former perspective considers the linkages between
the macro economy and currency prices in an effort to understand
the behavior of exchange rates over quarters, years and decades. By
contrast, the microstructure perspective considers how the details
of currency trading affect how macroeconomic information becomes
embedded in currency prices, a process which drives exchange-rates
over intraday horizons. The book also contains papers with a hybrid
perspective that consider the details of currency trading and
macroeconomic linkages in an effort to understand exchange-rate
dynamics across all horizons.
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