We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the “thin-skinned” view that technological improvements cause markets to react more to new information with the “thick-skinned” view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the “thick-skinned” hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent.
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the modern history of the global economic system seems to support the long-held view that the leading world power’s currency—the British pound, the U.S. dollar, and perhaps someday the Chinese yuan—invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom. Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British pound’s dominance prior to 1945 and the U.S. dollar’s dominance more recently. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.
A complete review of the state of the art of phase conjugate lasers, including laser demonstrations, performances, technology and selection of the most important class of nonlinear media. * Emphasizes the basic aspects of phase conjugation. * Chapter authors have all made major contributions to their subjects.
The AlveoConsistograph helps you to classify, control, and select wheat and flour and to optimize their blending for specific rheological properties. It measures the effects of improvers, ingredients, and other additives, resulting in better control of dough on the production line and more consistent end-product quality. The AlveoConsistograph Handbook, Second Edition provides an understanding of the technical data generated by the instrument and gives timely application examples. It explains the workings of the Chopin Consistograph and provides deep insight into its coupling with the Chopin Alveograph. As the first revision of this resource in 20 years, this new edition explains major modifications and improvements of the alveograph through new and completely revised chapters. A new chapter on the Consistograph, the component used to determine the water absorption capacity of flour, includes test procedures, applications, differences from other devices, maintenance, and troubleshooting. Another new chapter discusses the debate surrounding the testing of samples using either constant water content or constant consistency methods. This chapter gives useful insight into the adapted hydrated alveograph protocol and its benefits for users of flour that will be part of formulations when gluten quality and performance is crucial. It covers the controversial subject in depth, along with the technical basis for the development of the debate, and compares the uses of both methods on the same wheat. In addition to wheat flour, the book provides guidance for using the alveograph on additional products, such as durum wheat semolina and durum pasta. All the chapters have been rewritten to include the latest practices and will help users gain a better understanding of how this important technology is used in today’s food labs. This large-format, easy-to-read handbook includes two helpful appendixes: The first lists the main parts of the alveograph, and the second lists selected references concerning the alveograph. The AlveoConsistograph Handbook will provide users all along the cereal chain with up-to-date information that helps them to get the most out of their daily use of this important technology. The book will be especially useful for food scientists in the baking industry, quality control laboratories, suppliers of enzymes and additives, breeders, grain scientists involved with grain storage, and grain exporters Description of different types of alveographs Theory of the alveograph Description of the alveograph procedure Modification of the alveograph procedure Interpretation of alveograph results Factors influencing the alveograph Alveograph calibration Description of the consistograph Adapted hydration method for the alveograph Troubleshooting
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the modern history of the global economic system seems to support the long-held view that the leading world power’s currency—the British pound, the U.S. dollar, and perhaps someday the Chinese yuan—invariably dominates international trade and finance. In How Global Currencies Work, three noted economists provide a reassessment of this history and the theories behind the conventional wisdom. Offering a new history of global finance over the past two centuries, and marshaling extensive new data to test established theories of how global currencies work, Barry Eichengreen, Arnaud Mehl, and Livia Chiţu argue for a new view, in which several national monies can share international currency status, and their importance can change rapidly. They demonstrate how changes in technology and in the structure of international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. They show that multiple international and reserve currencies have in fact coexisted in the pastupending the traditional view of the British pound’s dominance prior to 1945 and the U.S. dollar’s dominance more recently. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, from whether the euro and the Chinese yuan might address their respective challenges and perhaps rival the dollar, to how increased currency competition might affect global financial stability.
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