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                                                                                    Conference Paper
                                                                                
                                            Lessons from financial crisis: the Japanese case
                                        
                                        
                                        
                                        
                                                                                
                                    
                                                                                    Conference Paper
                                                                                
                                            Macroeconomic implications of the new economy : commentary
                                        
                                        
                                        
                                        
                                                                                
                                    
                                                                                    Working Paper
                                                                                
                                            Is there private information in the FX market? the Tokyo experiment
                                        
                                        
                                        
                                        
                                                                                    
                                                                                                    It is a common view that private information in the foreign exchange market does not exist.  We provide evidence against this view.  The evidence comes from the introduction of trading in  Tokyo over the lunch-hour.  Lunch return variance doubles with the introduction of trading, which cannot be due to public information since the flow of public information did not change with the trading rules.  Having eliminated public information as the cause, we exploit recent results in microstructure to discriminate between the two alternatives: private information and pricing errors.  Three key results ...
                                                                                                
                                            
                                                                                
                                    
                                                                                    Conference Paper
                                                                                
                                            On the possibility of the yen bloc
                                        
                                        
                                        
                                        
                                                                                
                                    
                                                                                    Conference Paper
                                                                                
                                            On the possibility of the yen bloc