| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP621 |
| DP621 Psychological Barriers in the Foreign Exchange Market | |
| Paul De Grauwe; Danny Decupere | |
| 发表日期 | 1992-01-30 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | This paper undertakes an empirical analysis of the existence of psychological barriers in the dollar/DM and the dollar/yen exchange markets. Psychological barriers occur when agents attach some special importance to the last trailing digits of the price of an asset or a currency. Our empirical results indicate that psychological barriers exist and are significant in the dollar-yen market. Market exchange rates tend to resist movements towards numbers such as 130, 140, ... yen per dollar etc. In addition, once these barriers have been crossed, exchange rates accelerate away from them. The evidence of psychological barriers in the dollar/DM market is less clear-cut. |
| 主题 | International Macroeconomics |
| 关键词 | exchange rate Market efficiency Psychological barriers |
| URL | https://cepr.org/publications/dp621 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529776 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe,Danny Decupere. DP621 Psychological Barriers in the Foreign Exchange Market. 1992. |
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