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| Tekijä: | Osler, C. |
| Otsikko: | Short-term speculators and the puzzling behaviour of exchange rates |
| Lehti: | Journal of International Economics
1998 : JUN, VOL. 45:1, p. 37-58 |
| Asiasana: | SPECULATION EXCHANGE RATES ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | This paper shows that rational short-term speculative activity transforms exchange rates' response to shocks. Transitory shocks will have a permanent impact on exchange rates when such speculators are active, and the impact of shocks will be smoothed. The model may help explain the observed extended response of exchange rates to sterilized intervention. Further, the model suggests that exchange rate fundamentals may be properly identified even when those variables fail to forecast better than a random walk. |
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