English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 62805/95882 (66%)
造訪人次 : 3976000      線上人數 : 95
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    請使用永久網址來引用或連結此文件: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/80285

    題名: Heterogeneous behaviors and the effectiveness of central bank intervention in the yen/dollar exchange market
    作者: 萬哲鈺;高崇瑋;Kao, Chung-Wei;Wan, Jer-Yuh
    貢獻者: 淡江大學經濟學系
    關鍵詞: nonlinearity;heterogeneous agents;central bank intervention;foreign exchange market;uncovered interest rate parity
    日期: 2012-06
    上傳時間: 2013-01-21 14:11:06 (UTC+8)
    出版者: Taylor & Francis
    摘要: 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.
    關聯: Applied Financial Economics 22(12), pp.967-975
    DOI: 10.1080/09603107.2011.633887
    顯示於類別:[經濟學系暨研究所] 期刊論文


    檔案 描述 大小格式瀏覽次數
    Heterogeneous behaviors and the effectiveness of central bank intervention in the yen dollar exchange market.pdf217KbAdobe PDF1檢視/開啟



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