Comment on Hovanov, Kolari and Sokolov: a stable currency numeraire?

Article Abstract:

The article by Hovanov, Kolari and Sokolov are reviewed to discuss the problems with their definition of normalized value in exchange (NVAL), and how the performance of 'Stable Aggregate Currency' is evaluated. Results for the stock index suggest that the problem of interpretation needs to be dealt with.

Foreign exchange

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Exchange rates and interest rates: can term structure models explain currency movements?

Article Abstract:

Dynamics of exchange rates and currency returns is captured using an international term structure model. Studies reveal that the model with three or five global factors can indicate the contemporaneous movements of exchange rates.

Interest Rates

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Robus monetary policy with misspecified models: Does model uncertainty always call for atenuated policy?

Article Abstract:

This paper explores a model uncertainty which might explain the difference between estimated interest rate rules and optimal feedback descriptions of monetary policy.

Statistical Data Included, Monetary policy

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