Nominal döviz kuru, gerek sermaye akımları gerekse dış ticaret hacmiüzerinde önemli bir rol
oynamaktadır. Reel döviz kuru ise, tek başınayorumlanamayan nominal döviz kurunun …

Page 1 Norman C. Miller Exchange Rate Economics THE UNCOVERED INTEREST
PARITY PUZZLE AND OTHER ANOMALIES Page 2 Exchange Rate Economics Page 3 …

We conjecture that the forward puzzle may reflect career risks. When professional investors
observe public danger signals about a currency, they require a premium for holding it. We …

Since the 1990s there has been a substantial increase in foreign exchange market trading
by non-dealer financial firms. Non-dealer financial firms comprise a market segment that …

We test the Unbiased Forward Rate (UFR) hypothesis using new tests for cointegration
developed by Hatemi-J (2008a) that allows for multiple unknown structural breaks. We …

This thesis examines if real-time macro-financial information observed on global financial
markets are successful at predicting nominal exchange rates over short time-horizons. In the …

Forward exchange rate bias explanation generally falls into two categories–assumption of
rational expectation resulting in a risk premium and expectation errors which is systematic …

A complete solution to the forward-bias puzzle should provide an econometric solution and
an economic explanation for that solution. A complete solution should also explain the …

Prior work variously ascribes the forward puzzle the low slope in the Fama (1984)
regression of the exchange rate change on the forward premium to various model …

This study investigates the European foreign exchange markets efficiency from both the
within-and across-country perspectives and subsequently compared them across several …