| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2178 |
| DP2178 Modelling and Identifying Central Banks' Preferences | |
| Riccardo Rovelli; Carlo A. Favero | |
| 发表日期 | 1999-06-28 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the exchange rate, not by measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes with noise traders. The presence of noise traders can lead to multiple equilibria in the foreign exchange market. The entry of noise traders alters the composition of the market and generates excess exchange rate volatility, since noise traders both create and share the risk associated with exchange rate volatility. In such circumstances, monetary policy can be used to lower exchange rate volatility without altering macroeconomic fundamentals. |
| 主题 | International Macroeconomics |
| 关键词 | Entry Equilibria Fundamentals Macroeconomic Monetary Multiple Risk Volatility |
| URL | https://cepr.org/publications/dp2178 |
| 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/531284 |
| 推荐引用方式 GB/T 7714 | Riccardo Rovelli,Carlo A. Favero. DP2178 Modelling and Identifying Central Banks' Preferences. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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