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Explaining the puzzling behavior of exchange rates using models from microstructure finance and data from electronic trading.

The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people t

''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist wh

The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its asso