{"product_id":"the-microstructure-approach-to-exchange-rates-1","title":"The Microstructure Approach to Exchange Rates","description":"Historically, the fields of exchange-rate economics and microstructure finance have progressed independently. Recently, however, interaction between them has given rise to a microstructure approach to exchange rates. This book focuses on the economics of financial information and how microstructure tools clarify the information most relevant to exchange rates. The microstructure approach views exchange rates from the perspective of the trading room, the place where they are actually determined. Emphasizing information economics over institutional issues, the approach departs from three unrealistic assumptions common to previous theories: that all information relevant to exchange rates is publicly available; that all market participants have the same goals or interpret information similarly; and that how trading is organized is inconsequential for exchange rates. The book shows how exchange-rate behavior previously thought to be puzzling can be explained using the microstructure approach. It contains a combination of theoretical and empirical work.","brand":"Thryft Singapore","offers":[{"title":"Like New","offer_id":52239079768345,"sku":"HG3823","price":41.0,"currency_code":"MYR","in_stock":false},{"title":"Very Good","offer_id":52239079801113,"sku":"HG3823","price":15.0,"currency_code":"MYR","in_stock":true},{"title":"Good","offer_id":52239079833881,"sku":"HG3823","price":15.0,"currency_code":"MYR","in_stock":false},{"title":"Well Read","offer_id":52239079866649,"sku":"HG3823","price":15.0,"currency_code":"MYR","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0110\/0598\/4849\/files\/1340228_ca94118c-7847-479c-bb07-e328817f1c6d.jpg?v=1776433785","url":"https:\/\/thryft.my\/products\/the-microstructure-approach-to-exchange-rates-1","provider":"Thryft","version":"1.0","type":"link"}