Line spectrum pairs (LSPs) are the roots (located in the complex-frequency or -plane) of symmetric and antisymmetric polynomials synthesized using a linear prediction (LPC) polynomial. The angles of these roots, known as line-spectral frequencies (LSFs), implicitly represent the LPC polynomial and hence the spectral envelope of the underlying signal. By exploiting the duality between the time a...

BACKGROUND A major factor influencing tobacco use is its price. Fiscal policies on tobacco are a key ingredient of any comprehensive control strategy, as they can be used to raise prices. The European Union (EU) developed directives to ensure some harmonisation of the fiscal pressure on tobacco across its member states. OBJECTIVES To provide a simple comparison of tobacco prices in the EU, ad...

This paper develops and tests a model of unobservable risk premia in the foreign exchange market. Risk premia in our model are driven by non-marketable income shocks which risk averse agents attempt to hedge by trading foreign currency. We test our model using data on hedging demand in currency futures and find that our proxy for risk premia explains approximately 45 percent of the variation in...

This thesis illustrates forensic research work on Bitcoin, an innovative Internet based global transaction system that attracts ascending popularity during the recent few years. As an open, public and scalable distributed payment system, Bitcoin brings forward significant economic and technological impact to our world. Meanwhile, a new notion of virtual currency, “Bitcoin” comes into existence ...

The current study aimed to examine the causal relationship between NSE currency future rates and spot in order identify price discovery mechanism at market its integration with foreign exchange (spot market). To said markets, we have considered daily closing for futures selected pairs of currencies, i.e. USD/INR, GBP/INR, JPY/INR EURO/INR. data was obtained from www.nseindia.com www.investing.c...

Abstract We investigate the information contained in foreign exchange (FX) volume using a novel data set from over-the-counter market. find helps predict next-day currency returns and is economically valuable for investors. Predictability implies stronger return reversal pairs with abnormally low driven by component of unrelated to volatility, liquidity, order flow. rationalize these findings v...

We are meeting today to commemorate the first anniversary of the creation of the euro, a remarkable and unprecedented event in economic and political history: the creation of a supernational currency that will, when it is fully implemented 2 years from now, leave the major nations of Europe without any currencies of their own. Never before has a major country not had its own currency. I say tha...

A new technique for estimating countries’ de facto exchange rate regimes synthesizes two approaches. One approach estimates the implicit de facto basket weights in an ordinary least squares (OLS) regression of the local currency value rate against major currency values. Here the hypothesis is a basket peg with little flexibility. The second estimates the de facto degree of exchange rate flexibi...

A cash-in-advance model in which the cost of buying goods with a foreign currency is decreasing in the economy’s accumulated experience in transacting in the foreign currency is shown to display hysteresis in money velocity; that is, a temporary increase in expected in ation can cause a permanent increase in velocity. In addition, the model implies that the domestic currency does not have to do...