evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including …

A popular view is that the surge in the price of oil during 2003-08 cannot be explained by economic fundamentals, but …, there is strong evidence that the co-movement between spot and futures prices reflects common economic fundamentals rather …

during crises depends on the tail properties of the fundamentals’ distribution. We denote crisis linkages as either strong or … crisis levels, the probability that the other currency breaks down as well vanishes asymptotically if the fundamentals … fundamentals. …

exchange rate, not by measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes … to lower exchange rate volatility without altering macroeconomic fundamentals. …

questionnaire evidence. We find that fund managers and FX dealers differ significantly. Fund managers rely more on fundamentals …

broadens the set of fundamentals to nonmonetary variables, including unemployment or the state of the banking sector, and even … "softer" fundamentals such as the reputation of the policymaker and the rules of the game played by the participants in a … fixed exchange rate arrangement. It also suggests that the relationship between the economic fundamentals and devaluation …