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The Microstructure Approach to Exchange Rates By Richard K. Lyons

The Microstructure Approach to Exchange Rates
by Richard K. Lyons

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£3.59
Explaining the puzzling behavior of exchange rates using models from microstructure finance and data from electronic trading.
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The Microstructure Approach to Exchange Rates Summary


The Microstructure Approach to Exchange Rates by Richard K. Lyons

Historically, the fields of exchange-rate economics and microstructure finance have progressed independently of each other. Recent interaction, however, has given rise to a microstructure approach to exchange rates. This book focuses on the economics of financial information and how microstructure tools help to clarify the types of information most relevant to exchange rates. The microstructure approach views exchange rates from the perspective of the trading room, the place where exchange rates are actually determined. Emphasizing information economics over institutional issues, the approach departs from three unrealistic assumptions common to previous approaches: that all information relevant to exchange rates is publicly available, that all market participants are alike in their goals or in how they view information, and that how trading is organized is inconsequential for exchange rates. The book shows how exchange-rate behavior previously thought to be particularly puzzling can be explained using the microstructure approach. It contains a combination of theoretical and empirical work.

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The Microstructure Approach to Exchange Rates Reviews


[A] thought-provoking introduction to the subject. * Financial Analysts Journal *

About Richard K. Lyons


Richard K. Lyons is Professor of Finance and Economics at the Haas School of Business, the University of California, Berkeley.

Additional information

GOR008274597
The Microstructure Approach to Exchange Rates by Richard K. Lyons
Richard K. Lyons
Used - Very Good
Paperback
MIT Press Ltd
2006-01-20
346
026262205X
9780262622059
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.