| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2236 |
| DP2236 Labour Markets and Monetary Union: A Strategic Analysis | |
| Alex Cukierman; Francesco Lippi | |
| 发表日期 | 1999-09-30 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper summarises the results of a survey of UK based foreign exchange dealers conducted in 1998. It addresses topics in three main areas: The microeconomic operation of the foreign exchange market; the beliefs of dealers regarding the importance, or otherwise, of macroeconomic fundamental factors in affecting exchange rates; microstructure factors in FX. We find that heterogeneity of traders' beliefs is evident from the results but that it is not possible to explain such disagreements in terms of institutional detail, rank or trading technique (e.g. technical analysts versus fundamentalists). As expected, non-fundamental factors are thought to dominate short horizon changes in exchange rates, but fundamentals are deemed important over much shorter horizons that the mainstream empirical literature would suggest. Finally, market ?norms' and behavioural phenomena are very strong in the FX market and appear to be key determinants of the bid-ask spread |
| 主题 | Financial Economics |
| 关键词 | Foreign exchange Microstructure Survey data Technical analysis |
| URL | https://cepr.org/publications/dp2236 |
| 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/531337 |
| 推荐引用方式 GB/T 7714 | Alex Cukierman,Francesco Lippi. DP2236 Labour Markets and Monetary Union: A Strategic Analysis. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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