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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP1739 |
DP1739 The Political Economy of EC Regionalism | |
André Sapir | |
发表日期 | 1997-11-30 |
出版年 | 1997 |
语种 | 英语 |
摘要 | This paper uses weekly data on short-term eurorates for ten countries for the period 1979?96 to document that the ability of the expectations hypothesis (EH) to account for movements in the term structure is greater, and that short-term interest rates are more predictable, under fixed than under floating exchange rates. The paper also shows that the higher predictability does not arise solely because of monetary policy responses to speculative pressures in the foreign exchange markets: while it is more difficult to reject the EH in periods of exchange market turmoil, the EH is not rejected in tranquil periods. |
主题 | International Macroeconomics |
关键词 | Expectations hypothesis Speculative attacks Term structure of interest rates |
URL | https://cepr.org/publications/dp1739 |
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/530882 |
推荐引用方式 GB/T 7714 | André Sapir. DP1739 The Political Economy of EC Regionalism. 1997. |
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