This paper develops a new approach for exploring the effectiveness of foreign ... focusing on real exchange cycles. Using band spectrum regression methods, it examines the role of macroeconomic ...

develops a model of foreign exchange markets, and presents the efficiency costs imposed by quasi-fiscal operation under the current exchange rate regime. The results of our model-based analyses ...

The foreign exchange market is the most actively traded market in the world, with trillions of dollars in currencies changing hands each day. Foreign exchange markets exist in major cities around ...