The study analyses the interaction between the trading behaviour of 1,024 moving average and momentum models and the fluctuations of the yen/dollar exchange rate. The paper shows first that these models would have exploited exchange rate trends quite profitably between 1976 and 1999, and then...

The paper summarises at first the main arguments in favour and against a FTT and provides empirical evidence about the movements of the most important asset prices. It is shown that their long swings result from the accumulation of extremely short-term price runs over time. Therefore a (very)...

The economic policy of Roosevelt's New Deal stays in sharp contrast to the course followed by European policy since 2009. At first, Roosevelt focussed on fighting the desperate feelings of people and the generally pessimistic mood of the public, on strictly regulating the financial sector and on...

The struggle over the FTT has developed in three phases. In the first phase (2009 to 2011) the supporters of the tax went on the offensive, supported by the "shock effects" of the financial crisis. This phase ended with the (preliminary) "victory" in the form of the FTT proposal of the European...

Roosevelt's New Deal stays in sharp contrast to the course followed by European policy since 2009. At first, Roosevelt focussed on fighting the generally pessimistic mood of the public, on strictly regulating the financial sector and on setting up investment and employment programmes. After...

Mit dem seit 2013 gültigen Fiskalpakt und seiner Umsetzung hat die Politik in der EU wesentliche Forderungen der ideologischen Hauptgegner des Europäischen Sozialmodells, der "Schule von Chicago", übernommen. Erstens wird mit dem Pakt die Fiskalpolitik noch enger an Regeln gebunden,...

This paper investigates how technical trading systems exploit the momentum and reversal effects in the S&P 500 spot and futures market. When based on daily data, the profitability of 2,580 technical models has steadily declined since 1960, and has been unprofitable since the early 1990s....

The study investigates the profitability of 1,024 moving average and momentum models and their components in the yen/dollar market. It turns out that all models would have been profitable between 1976 and 1999. The pattern of profitability is as follows: the models produce more single losses...

This paper investigates how technical trading systems exploit the momentum and reversal effects in the S&P 500 spot and futures market. The former is exploited by trend-following models, the latter by contrarian models. In total, the performance of 2,580 widely used models is analysed. When...