Exchange Rate Fundamentals and Order Flow
---- Acknowledgements ----
We thank the following for valuable comments: Anna Pavlova, Andrew Rose and seminar participants at the NBER (October 2004 meeting of IFM), the Board of Governors at the Federal Reserve, the European Central Bank, the London Business School, the University of Warwick, the Graduate School of Business at the University of Chicago, UC Berkeley, the Bank of Canada, the International Monetary Fund, and the Federal Reserve Bank of New York. Both authors thank the National Science Foundation for financial support, which includes funding for a clearinghouse for recent micro-based research on exchange rates (at georgetown.edu/faculty/evansm1 and at faculty.haas.berkeley.edu/lyons). The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.