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In this paper we propose a generalisation of the noise trader transmission mechanism to examine the impact of central bank intervention on exchange rates. Within a heterogeneous expectations exchange rate model intervention operations are supposed to provide support to either chartist or...
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(unit roots in levels together with fat tails in returns and volatility clustering). Our time series analysis of simulated …
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sind. Der gewählte Analyseansatz greift auf positive und normative Hinweise der Club Theorie zurück. Es wird zunächst … (Kosten und Nutzen des Beitritts) für eine bestmögliche Strategie der Wechselkurspolitik der Beitrittskandidaten zur … draws on positive and normative hints from club theory. The paper provides an analytical approach to determine ex-ante the …
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