Understanding the forward premium puzzle: a microstructure approach
High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection pro...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13278 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate. |
| Beschreibung: | Literaturverz. S. 18 |
| Beschreibung: | 28 S. graph. Darst. 22 cm |
Internformat
MARC
| LEADER | 00000nam a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV023593181 | ||
| 003 | DE-604 | ||
| 005 | 20080327000000.0 | ||
| 007 | t | ||
| 008 | 070907s2007 xxud||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)255734658 | ||
| 035 | |a (DE-599)GBV53951943X | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-521 | ||
| 050 | 0 | |a HB1 | |
| 100 | 1 | |a Burnside, Craig |d 1965- |e Verfasser |0 (DE-588)128369272 |4 aut | |
| 245 | 1 | 0 | |a Understanding the forward premium puzzle |b a microstructure approach |c Craig Burnside ; Martin S. Eichenbaum ; Sergio Rebelo |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2007 | |
| 300 | |a 28 S. |b graph. Darst. |c 22 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13278 | |
| 500 | |a Literaturverz. S. 18 | ||
| 520 | 8 | |a High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate. | |
| 700 | 1 | |a Eichenbaum, Martin S. |d 1954- |e Verfasser |0 (DE-588)128369280 |4 aut | |
| 700 | 1 | |a Rebelo, Sérgio |d 1959- |e Verfasser |0 (DE-588)128390840 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13278 |w (DE-604)BV002801238 |9 13278 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13278.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016908511 | ||
Datensatz im Suchindex
| _version_ | 1804138252471369728 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Burnside, Craig 1965- Eichenbaum, Martin S. 1954- Rebelo, Sérgio 1959- |
| author_GND | (DE-588)128369272 (DE-588)128369280 (DE-588)128390840 |
| author_facet | Burnside, Craig 1965- Eichenbaum, Martin S. 1954- Rebelo, Sérgio 1959- |
| author_role | aut aut aut |
| author_sort | Burnside, Craig 1965- |
| author_variant | c b cb m s e ms mse s r sr |
| building | Verbundindex |
| bvnumber | BV023593181 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| ctrlnum | (OCoLC)255734658 (DE-599)GBV53951943X |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01783nam a2200361zcb4500</leader><controlfield tag="001">BV023593181</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20080327000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">070907s2007 xxud||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)255734658</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV53951943X</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Burnside, Craig</subfield><subfield code="d">1965-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)128369272</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Understanding the forward premium puzzle</subfield><subfield code="b">a microstructure approach</subfield><subfield code="c">Craig Burnside ; Martin S. Eichenbaum ; Sergio Rebelo</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2007</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">28 S.</subfield><subfield code="b">graph. Darst.</subfield><subfield code="c">22 cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Working paper series / National Bureau of Economic Research</subfield><subfield code="v">13278</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Literaturverz. S. 18</subfield></datafield><datafield tag="520" ind1="8" ind2=" "><subfield code="a">High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate.</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Eichenbaum, Martin S.</subfield><subfield code="d">1954-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)128369280</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Rebelo, Sérgio</subfield><subfield code="d">1959-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)128390840</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="810" ind1="2" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.></subfield><subfield code="t">NBER working paper series</subfield><subfield code="v">13278</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">13278</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w13278.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016908511</subfield></datafield></record></collection> |
| id | DE-604.BV023593181 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016908511 |
| oclc_num | 255734658 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 28 S. graph. Darst. 22 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Burnside, Craig 1965- Verfasser (DE-588)128369272 aut Understanding the forward premium puzzle a microstructure approach Craig Burnside ; Martin S. Eichenbaum ; Sergio Rebelo Cambridge, Mass. National Bureau of Economic Research 2007 28 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13278 Literaturverz. S. 18 High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate. Eichenbaum, Martin S. 1954- Verfasser (DE-588)128369280 aut Rebelo, Sérgio 1959- Verfasser (DE-588)128390840 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13278 (DE-604)BV002801238 13278 http://papers.nber.org/papers/w13278.pdf kostenfrei Volltext |
| spellingShingle | Burnside, Craig 1965- Eichenbaum, Martin S. 1954- Rebelo, Sérgio 1959- Understanding the forward premium puzzle a microstructure approach |
| title | Understanding the forward premium puzzle a microstructure approach |
| title_auth | Understanding the forward premium puzzle a microstructure approach |
| title_exact_search | Understanding the forward premium puzzle a microstructure approach |
| title_exact_search_txtP | Understanding the forward premium puzzle a microstructure approach |
| title_full | Understanding the forward premium puzzle a microstructure approach Craig Burnside ; Martin S. Eichenbaum ; Sergio Rebelo |
| title_fullStr | Understanding the forward premium puzzle a microstructure approach Craig Burnside ; Martin S. Eichenbaum ; Sergio Rebelo |
| title_full_unstemmed | Understanding the forward premium puzzle a microstructure approach Craig Burnside ; Martin S. Eichenbaum ; Sergio Rebelo |
| title_short | Understanding the forward premium puzzle |
| title_sort | understanding the forward premium puzzle a microstructure approach |
| title_sub | a microstructure approach |
| url | http://papers.nber.org/papers/w13278.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT burnsidecraig understandingtheforwardpremiumpuzzleamicrostructureapproach AT eichenbaummartins understandingtheforwardpremiumpuzzleamicrostructureapproach AT rebelosergio understandingtheforwardpremiumpuzzleamicrostructureapproach |