| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4641 |
| DP4641 Competition and Incentives with Motivated Agents | |
| Tim Besley; Maitreesh Ghatak | |
| 发表日期 | 2004-09-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Price clustering is a well-documented regularity of foreign exchange transactions. In this Paper, I present new empirical evidence of price clustering for central bank interventions. A feature of the price clustering in Swiss National Bank (SNB) transactions is market dependency. Evidence of clustering in the broker market is considerably smaller than in the dealer market. The empirical analysis for Swiss interventions uses a disaggregate approach to test the hypothesis whether intervention strategy matters. The most important determinants of price clustering are bank size and transaction volume. While the regression evidence for customer transactions is consistent with the efficiency hypothesis, the clustering results for intervention trades are not influenced by the SNB?s intervention tactics. |
| 主题 | International Macroeconomics |
| 关键词 | E33 Central bank interventions Intervention strategy Clustering |
| URL | https://cepr.org/publications/dp4641 |
| 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/533561 |
| 推荐引用方式 GB/T 7714 | Tim Besley,Maitreesh Ghatak. DP4641 Competition and Incentives with Motivated Agents. 2004. |
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