| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3844 |
| DP3844 Stock Prices, News and Economic Fluctuations | |
| Franck Portier; Paul Beaudry | |
| 发表日期 | 2003-03-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | I examine the effectiveness of exchange rate intervention within the context of a Markov-switching model for the real exchange rate. The probability of switching between stable and unstable regimes depends non-linearly upon the amount of intervention, the degree of misalignment and the duration of the regime. Applying this to dollar-mark data for the period 1985-98, I find that intervention increases the probability of stability when the rate is misaligned, and that its influence grows with the degree of misalignment. Intervention within a small neighbourhood of equilibrium will result in a greater probability of instability. |
| 主题 | International Macroeconomics |
| 关键词 | Real exchange rate Official intervention Non-linearity Mean reversion |
| URL | https://cepr.org/publications/dp3844 |
| 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/532827 |
| 推荐引用方式 GB/T 7714 | Franck Portier,Paul Beaudry. DP3844 Stock Prices, News and Economic Fluctuations. 2003. |
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