Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/18984 
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dc.contributor.authorBeine, Michelen
dc.contributor.authorDe Grauwe, Paulen
dc.contributor.authorGrimaldi, Mariannaen
dc.date.accessioned2009-01-28T15:54:15Z-
dc.date.available2009-01-28T15:54:15Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/18984-
dc.description.abstractIn this paper we investigate the effects of central bank interventions (CBI) in a noise tradingmodel with chartists and fundamentalists. We first estimate a model in which chartistsextrapolate past returns and fundamentalists forecast a mean reverting dynamics of theexchange rate towards a fundamental value. Then, we investigate the role of central bankinterventions in explaining the switching properties between the two types of agents. We findevidence that in the medium run, interventions increase the proportion of fundamentalists andtherefore exert some stabilizing influence on the exchange rate.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1520en
dc.subject.jelF31en
dc.subject.jelF33en
dc.subject.ddc330en
dc.subject.stwWechselkurspolitiken
dc.subject.stwDevisenhandelen
dc.subject.stwNoise Tradingen
dc.subject.stwWertpapieranalyseen
dc.subject.stwSchätzungen
dc.subject.stwWechselkursen
dc.subject.stwVolatilitäten
dc.subject.stwTheorieen
dc.subject.stwEU-Staatenen
dc.subject.stwUSAen
dc.titleThe impact of FX central bank intervention in a noise trading framework-
dc.typeWorking Paperen
dc.identifier.ppn500540519en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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