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Daniels, Tijmen R.; Jager, Henk; Klaassen, Franc - 2008

While virtually all modern models of exchange rate crises recognise that the decision to abandon an exchange rate peg depends on how harshly policy makers are willing to defend the regime, they virtually never model how the exchange rate is defended. In this paper we incorporate both the...

Persistent link: https://www.econbiz.de/10010326005

Defending against speculative attacks

Daniëls, Tijmen R.; Jager, Henk; Klaassen, Franc - 2009

While virtually all currency crisismodels recognise that the fate of a currency peg depends on how tenaciously policy makers defend it, they seldom model how this is done. We incorporate themechanics of speculation and the interest rate defence against it in the model ofMorris and Shin (American...

Persistent link: https://www.econbiz.de/10010272306

Biases in FX-Forecasts: Evidence from Panel Data

Audretsch, David B.; Stadtmann, Georg - 2005

In this paper, we use the Wall Street Journal poll of FX forecasts to analyze how the group of forecasters form their expectations. One focus is whether forecasters build rational expectations. Furthermore, we analyze whether the group of forecasters can be regarded as homogeneous or...

Persistent link: https://www.econbiz.de/10010296155

Transaction taxes and traders with heterogeneous investment horizons in an agent-based financial market model

Demary, Markus - 2009

This heterogeneous interacting agents model of a financial market is a generalization of the model proposed by Westerhoff (The Use of Agent-Based Financial Market Models to Test the Effectiveness of Regulatory Policies) by traders who are allowed to have different investment horizons as...

Persistent link: https://www.econbiz.de/10010299487

Transaction taxes and traders with heterogeneous investment horizons in an agent-based financial market model

Demary, Markus - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-8, pp. 1-44

This agent-based financial market model is a generalization of the model of Westerhoff (The Use of Agent-Based Financial Market Models to Test the Effectiveness of Regulatory Policies) by traders who are allowed to have different investment horizons as introduced by Demary (Who Does a Currency...

Persistent link: https://www.econbiz.de/10010299955

A systematic comparison of professional exchange rate forecasts with judgmental forecasts of novices: Are there substantial differences?

Schmidt, Robert; Leitner, Johannes - 2004

The study at hand deals with the expectations of professional analysts and novices in the context of foreign exchange markets. We analyze the respective forecasting accuracy and our results indicate that there exist substantial differences between professional forecasts and judgmental forecasts...

Persistent link: https://www.econbiz.de/10010296526

The impact of the Tobin tax in a heterogeneous agent model of the foreign exchange market

Kukačka, Jiří; Staněk, Filip - 2015

We explore possible effects of a Tobin tax on exchange rate dynamics in a heterogeneous agent model. To assess the impact of the Tobin tax in this framework, we extend the model of De Grauwe and Grimaldi (2006) by including transaction costs and perform numerical simulations. Motivated by the...

Persistent link: https://www.econbiz.de/10011533425

Timing of predictions in dynamic cheap talk: Experts vs. quacks

Smirnov, Aleksei; Starkov, Egor - 2019

of privately known competence, who cares about his reputation, chooses the timing of the forecast regarding the outcome …. Further, any report hurts the forecaster's reputation in the short run, with later reports incurring larger penalties. The … reputation of a silent forecaster, on the other hand, gradually improves over time. …

Persistent link: https://www.econbiz.de/10012140661

Vanity in Politics: A Problem?

Suurmond, Guido; Swank, Otto H.; Visser, Bauke - 2002

Can vanity do any good? It may seem obvious to answer this question in the negative, as economists have shown how reputational concerns lead agents e.g. to ignore valuable information, to herd, and to become overly risk averse. We explore how proud agents may be a social blessing. An agent may...

Persistent link: https://www.econbiz.de/10010324778

Experiences and Asset Price Dynamics

Heinke, Steve; Olschewski, Sebastian; Rieskamp, Jörg - 2022

Persistent link: https://www.econbiz.de/10013359231