کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10437744 | 912424 | 2005 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Noise trading and delayed exchange rate overshooting
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
A number of empirical studies have reported that exchange rates show a delayed overshooting in response to a monetary policy shock. This finding is puzzling. Economic theory suggests that overshooting should occur immediately after the shock (i.e., with no delay). This paper uses a 'new open economy macroeconomics' model with pricing-to-market behavior to analyze whether noise trading in the foreign exchange market helps to explain the delayed overshooting puzzle. To this end, the implications of noise trading for the effects of a monetary policy shock on the nominal and on the real exchange rate are analyzed.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 58, Issue 1, September 2005, Pages 133-156
Journal: Journal of Economic Behavior & Organization - Volume 58, Issue 1, September 2005, Pages 133-156
نویسندگان
Christian Pierdzioch,