English  |  正體中文  |  简体中文  |  Items with full text/Total items : 51896/87052 (60%)
Visitors : 8462797      Online Users : 108
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/80285


    Title: Heterogeneous behaviors and the effectiveness of central bank intervention in the yen/dollar exchange market
    Authors: 萬哲鈺;高崇瑋;Kao, Chung-Wei;Wan, Jer-Yuh
    Contributors: 淡江大學經濟學系
    Keywords: nonlinearity;heterogeneous agents;central bank intervention;foreign exchange market;uncovered interest rate parity
    Date: 2012-06
    Issue Date: 2013-01-21 14:11:06 (UTC+8)
    Publisher: Taylor & Francis
    Abstract: A nonlinear heterogeneous agent model is applied to the yen/dollar exchange rate market to discuss the channels of an effective central bank intervention. The existence of two hypothetical channels proposed by Hung (1997) and Taylor (2004, 2005) are tested and confirmed. Evidence shows heterogeneous agents are active in the yen/dollar market where the stabilizing force from the fundamentalists declines in large misalignments. Central bank intervention is effective in arousing the trend-reversing sentiment among chartists to prevent market from explosion. The intervention is also effective in strengthening fundamentalists’ confidence that the market will move toward its theoretical equilibrium. The intervention has significant effects on fundamentalists’ confidence, regardless of whether the forecasting method relies on Purchasing Power Parity (PPP) only or on a PPP plus Uncovered Interest rate Parity (UIP) condition. The interest rate differential can affect the exchange rate changes through influencing demand orders of the short-run fundamentalists.
    Relation: Applied Financial Economics 22(12), pp.967-975
    DOI: 10.1080/09603107.2011.633887
    Appears in Collections:[經濟學系暨研究所] 期刊論文

    Files in This Item:

    File Description SizeFormat
    index.html0KbHTML225View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback