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...
Richard K. Lyons is Professor of Finance and Economics at the Haas School of Business, the University of California, Berkeley.
"A thought-provoking introduction to the subject."
— Mark S. Rzepczynski, Financial Analysts Journal
"An innovative and important book that will be required reading for researchers in both microstructure and international finance."
—Maureen O'Hara, R. W. Purcell Professor of Finance, Cornell University
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