7,624 research outputs found
State-Uncertainty preferences and the Risk Premium in the Exchange rate market
This paper introduces state-uncertainty preferences into the Lucas (1982) economy, showing that this type of preferences helps to explain the exchange rate risk premium. Under these preferences we can distinguish between two factors driving the exchange rate risk premium: âmacroeconomic riskâ and âthe risk associated with variation in the private agentsâ perception on the level of uncertaintyâ. State-uncertainty preferences amount to assuming that a given level of consumption will yield a higher level of utility the lower is the level of uncertainty perceived by consumers. Furthermore, empirical evidence from three main European economies in the transition period to the euro provides empirical support for the modelRisk premium, taste shocks, fundamental uncertainty.
Macroeconomic and policy uncertainty and Exchange rate risk Premium
The goal of this paper is to identify the main determinants of the risk premium in some European currency markets just before the EMU. To that extent, we start from Lucas (1982) exchange rate model and derive an analytical expression for the forward premium. This expression includes money and production variables and it is quite standard, except for the inclusion of macroeconomic policy risk. Under some standard assumptions, this formula simplifies substantially and becomes amenable to regression analysis. Then, using standard measures of money and production, as well as interest rate swap spreads as indicators of macroeconomic policy risk, the theoretical expression is estimated. We provide evidence suggesting that it is policy uncertainty, much more than fundamental macroeconomic uncertainty, which determined risk premium over the convergence process to the euro. Whether these results can be extended to similar experiences for other currency unions remains open for future research.Risk premium, Peso Problem, Macroeconomic policy risk, European monetary System.
Which could be the role of Hybrid Fibre Coax in Next Generation Access networks?
Next generation access networks (NGAN) will support a renewed communication structure where opportunities lie in the provision of ubiquitous broadband connectivity, a wide variety of new applications, appealing contents and a general support to the sustainable growth of diverse sectors. From their deployment it is expected a wealth of innovations, jobs creation and a new wave of economic growth. In this paper we discuss which could be the role of Hybrid Fibre Coax (HFC) in the Next Generation Access Network (NGAN) roadmap. Thus, we propose a simplified model for making approximate cost calculations for HFC deployment based on the geographic and sociodemographic characteristics of Spain. Considering the latest evolution of HFC based on DOCSIS 3.0 from integrated (I-CMTS) towards modular (M-CMTS), the results from the model are compared with the most competitive NGAN for ultrabroadband speeds: Fibre to the Home (FTTH) based on Gigabitcapable Passive Optical Networks (GPON
Juan B . Aparicio Macarro, Francisco Peña Blanco y Luis F. Barona HernĂĄndez: AplicaciĂłn del AnĂĄlisis de imagen al Estudio Exteriorista de las encornaduras. ConsejerĂa de GobernaciĂłn de la Junta de AndalucĂa, y Elena Mozos Mora y Javier Arola Navarro: Estudio InmunohistoquĂmico de la ExpresiĂłn de Citoqueridinas en los Cuernos del toro de lidia, ConsejerĂa de GobernaciĂłn de la Junta de AndalucĂa [Reseña]
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