| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1031 |
| DP1031 Optimal Target Zones: How an Exchange Rate Mechanism Can Improve Upon Discretion | |
| Marcus Miller | |
| 发表日期 | 1994-10-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | The paper re-examines the efficiency hypothesis in the foreign exchange market. The traditional efficiency testing equations are reviewed and a model is developed that incorporates Bayesian revisions in the form of devaluation expectations. A number of propositions regarding the pattern of the coefficients in efficiency testing equations are established. The results are confirmed by the empirical estimation of the model for the Greek foreign exchange market. |
| 主题 | International Macroeconomics |
| 关键词 | Bayesian learning Devaluation Efficiency Expectations Unbiasedness |
| URL | https://cepr.org/publications/dp1031 |
| 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/530175 |
| 推荐引用方式 GB/T 7714 | Marcus Miller. DP1031 Optimal Target Zones: How an Exchange Rate Mechanism Can Improve Upon Discretion. 1994. |
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