کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964782 | 930606 | 2010 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Noise traders, exchange rate disconnect puzzle, and the Tobin tax
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
This paper proposes a framework to explain the “exchange rate disconnect puzzle”. Two types of foreign exchange traders, rational traders and noise traders are introduced into a sticky-price general-equilibrium model. The presence of noise traders creates deviations from the uncovered interest parity. Combined with local currency pricing and consumption-smoothing behavior, our model can help to explain the “disconnect puzzle”. The excess exchange rate volatility caused by noise traders can be reduced by the 'Tobin tax'. However, the effect of the 'Tobin tax' depends on the market structure and the interaction between the Tobin tax and other trading costs.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 29, Issue 2, March 2010, Pages 336-357
Journal: Journal of International Money and Finance - Volume 29, Issue 2, March 2010, Pages 336-357
نویسندگان
Juanyi Xu,