How Long to Read Empirical Modeling of Exchange Rate Dynamics

How Long Does it Take to Read Empirical Modeling of Exchange Rate Dynamics?

It takes the average reader 2 hours and 24 minutes to read Empirical Modeling of Exchange Rate Dynamics by Francis X. Diebold

Assuming a reading speed of 250 words per minute. Learn more

Description

Structural exchange rate modeling has proven extremely difficult during the recent post-1973 float. The disappointment climaxed with the papers of Meese and Rogoff (1983a, 1983b), who showed that a "naive" random walk model distinctly dominated received theoretical models in terms of predictive performance for the major dollar spot rates. One purpose of this monograph is to seek the reasons for this failure by exploring the temporal behavior of seven major dollar exchange rates using nonstructural time-series methods. The Meese-Rogoff finding does not mean that exchange rates evolve as random walks; rather it simply means that the random walk is a better stochastic approximation than any of their other candidate models. In this monograph, we use optimal model specification techniques, including formal unit root tests which allow for trend, and find that all of the exchange rates studied do in fact evolve as random walks or random walks with drift (to a very close approximation). This result is consistent with efficient asset markets, and provides an explanation for the Meese-Rogoff results. Far more subtle forces are at work, however, which lead to interesting econometric problems and have implications for the measurement of exchange rate volatility and moment structure. It is shown that all exchange rates display substantial conditional heteroskedasticity. A particularly reasonable parameterization of this conditional heteroskedasticity, which captures the observed clustering of prediction error variances, is developed in Chapter 2.

How long is Empirical Modeling of Exchange Rate Dynamics?

Empirical Modeling of Exchange Rate Dynamics by Francis X. Diebold is 143 pages long, and a total of 36,179 words.

This makes it 48% the length of the average book. It also has 44% more words than the average book.

How Long Does it Take to Read Empirical Modeling of Exchange Rate Dynamics Aloud?

The average oral reading speed is 183 words per minute. This means it takes 3 hours and 17 minutes to read Empirical Modeling of Exchange Rate Dynamics aloud.

What Reading Level is Empirical Modeling of Exchange Rate Dynamics?

Empirical Modeling of Exchange Rate Dynamics is suitable for students ages 10 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Empirical Modeling of Exchange Rate Dynamics?

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