Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152962 
Autor:innen: 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
ECB Working Paper No. 528
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates over the medium- to long-run. It compares empirical evidence based on time-series analysis with that obtained from an eventstudy approach. Both the time-series approach based on option contracts and the event-study methodology yield compelling evidence that communication and actual interventions tend to be successful in moving exchange rates in the desired direction contemporaneously as well as over the medium- to long term. This finding is consistent with recent work on microstructure models that emphasises the importance of dynamic effects of news and fundamentals on exchange rates.
Schlagwörter: 
communication
euro area
event-study methodology
exchange rate
intervention
Japan
policy
time-series analysis
United States
JEL: 
C23
E41
E52
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
871.47 kB





Publikationen in EconStor sind urheberrechtlich geschützt.