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https://hdl.handle.net/10419/18984
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Beine, Michel | en |
dc.contributor.author | De Grauwe, Paul | en |
dc.contributor.author | Grimaldi, Marianna | en |
dc.date.accessioned | 2009-01-28T15:54:15Z | - |
dc.date.available | 2009-01-28T15:54:15Z | - |
dc.date.issued | 2005 | - |
dc.identifier.uri | http://hdl.handle.net/10419/18984 | - |
dc.description.abstract | In 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.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x1520 | en |
dc.subject.jel | F31 | en |
dc.subject.jel | F33 | en |
dc.subject.ddc | 330 | en |
dc.subject.stw | Wechselkurspolitik | en |
dc.subject.stw | Devisenhandel | en |
dc.subject.stw | Noise Trading | en |
dc.subject.stw | Wertpapieranalyse | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | Wechselkurs | en |
dc.subject.stw | Volatilität | en |
dc.subject.stw | Theorie | en |
dc.subject.stw | EU-Staaten | en |
dc.subject.stw | USA | en |
dc.title | The impact of FX central bank intervention in a noise trading framework | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 500540519 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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