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dc.contributor.authorBeine, Michelen_US
dc.contributor.authorDe Grauwe, Paulen_US
dc.contributor.authorGrimaldi, Mariannaen_US
dc.date.accessioned2009-01-28T15:54:15Z-
dc.date.available2009-01-28T15:54:15Z-
dc.date.issued2005en_US
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 trading model with chartists and fundamentalists. We first estimate a model in which chartists extrapolate past returns and fundamentalists forecast a mean reverting dynamics of the exchange rate towards a fundamental value. Then, we investigate the role of central bank interventions in explaining the switching properties between the two types of agents. We find evidence that in the medium run, interventions increase the proportion of fundamentalists and therefore exert some stabilizing influence on the exchange rate.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1520en_US
dc.subject.jelF31en_US
dc.subject.jelF33en_US
dc.subject.ddc330en_US
dc.subject.stwWechselkurspolitiken_US
dc.subject.stwDevisenhandelen_US
dc.subject.stwNoise Tradingen_US
dc.subject.stwWertpapieranalyseen_US
dc.subject.stwSchätzungen_US
dc.subject.stwWechselkursen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwTheorieen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwUSAen_US
dc.titleThe impact of FX central bank intervention in a noise trading frameworken_US
dc.typeWorking Paperen_US
dc.identifier.ppn500540519en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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