Speculative Attacks: A Laboratory Study in Continuous Time
نویسندگان
چکیده
منابع مشابه
Dynamic Speculative Attacks
The paper presents a model of rational Bayesian agents with speculative attacks in a regime of exchange rate which is pegged within a band. Speculators learn from the observation of the exchange rate within the band whether their mass is sufficiently large for a successful attack. Multiple periods are necessary for the existence of speculative attacks. Various defense policies are analyzed. A t...
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Modern processors use branch prediction and speculative execution to maximize performance. For example, if the destination of a branch depends on a memory value that is in the process of being read, CPUs will try guess the destination and attempt to execute ahead. When the memory value finally arrives, the CPU either discards or commits the speculative computation. Speculative logic is unfaithf...
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When faced with a speculative attack, banks and governments often hesitate, attempting to withstand the attack but giving up after some time, suggesting they have some ex-ante uncertainty about the attack they will face. I model that uncertainty as arising from incomplete information about speculators’ payoffs and find conditions such that unsuccessful partial defences are possible equilibrium ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1357223