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| Tekijä: | Ito, T. |
| Otsikko: | Short-run and long-run expectations of the yen/dollar exchange rate |
| Lehti: | Journal of the Japanese and International Economies
1994 : JUN, VOL. 8:2, p. 119-143 |
| Asiasana: | EXPECTATIONS DOLLARS EXCHANGE RATES |
| Kieli: | eng |
| Tiivistelmä: | The survey data of the yen/dollar exchange rate, collected twice a month for eight years from 1985 to 1993, show the following features. The expected exchange rate changes in the short horizon are of the bandwagon type while the expected changes in the long horizon are of the mean- reversion type. That is , foreign exchange traders infer from recent appreciation or depreciation that the recent change in the exchange rate will continue for a while, but the direction of changes will reverse. |
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