عنوان

Exchange rate management in interdependent economies :

شابک

3642500293

شابک

9783642500299

شماره

b569229

عنوان اصلي

Exchange rate management in interdependent economies :

نام عام مواد

[Book]

ساير اطلاعات عنواني

from Williamsburg to Louvre

نام نخستين پديدآور

Silke Fabian.

محل نشرو پخش و غیره

Heidelberg

نام ناشر، پخش کننده و غيره

Physica-Verlag

تاریخ نشرو بخش و غیره

©1993.

نام خاص و کميت اثر

(xviii, 172 pages) : illustrations

عنوان فروست

Schriftenreihe Handeln und Entscheiden in komplexen ökonomischen Situationen, Bd. 9.

متن يادداشت

I Official Central Bank Interventions --; 1 Effectiveness of Foreign Exchange Market Interventions --; 2 A Signalling Model of Interventions --; Summary of Part I --; II International Exchange Rate Management --; 3 Non-Cooperative Intervention Policies --; 4 International Central Bank Cooperation --; 5 The International Prisoner's Dilemma --; Summary of Part II --; III Empirical Analysis --; Overview --; 6 Did Bundesbank Interventions serve as Signals of Monetary Policy? --; Summary of Part III --; Data Appendix --; Discussion and Concluding Summary --; References.

متن يادداشت

The theoretical part of this book analyzes non-cooperative and cooperative policies of exchange rate management within a formal two-country game-theoretic framework where interventions are fully neutralized and signal future changes in monetary policy. This analysis incorporates two novel factors crucial for understanding real-world intervention experience; partial credibility and non-rational expectations. In contrast to traditional models of the repeated games literature where reputational effects establish full credibility, in the theory presented here centralbank credibility problems (towards the private sector and other countries) cannot be eliminated. While this reduces the effectiveness of central bank signals, this also motivates the use of costly interventions as opposed to mere policy announcements. Secondly, the introduction of non-rational expectations allows to account for the differing successes of actual centralbank intervention operations. The empirical part investigates whether Bundesbank interventions in the US dollar market between 1983-87actually served as signals of future changes in the monetary base. By using several alternative models of expectation formation the study cannot uncoverany favorable evidence for this hypothesis. Strikingly, this result emerges for both unilateral and coordinated intervention policies.

موضوع مستند نشده

Foreign exchange administration -- Mathematical models.

موضوع مستند نشده

Monetary policy -- Mathematical models.

شماره رده

نشانه اثر

مستند نام اشخاص تاييد نشده

Silke Fabian.

مستند نام اشخاص تاييد نشده

Silke Fabian

نام الکترونيکي

نوع ماده

[Book]

تكميل شده

Y