FLEXIBLE EXCHANGE-RATES, PRICES, AND THE ROLE OF NEWS - LESSONS FROM THE 1970S
FLEXIBLE EXCHANGE-RATES, PRICES, AND THE ROLE OF NEWS - LESSONS FROM THE 1970S
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DOI：
10.1086/260998
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发表时间：
1981-01-01
影响因子：
8.2
通讯作者：
FRENKEL, JA
中科院分区：
文献类型：
--
作者：
FRENKEL, JA
本文分析了20世纪70年代浮动汇率制度的主要问题和经验教训。它分析了外汇市场的效率和汇率的波动性，以及汇率和利率之间的关系。一个关键的区别是预期和未预期的事件，它表明，影响汇率的关键因素是“新闻”。“然后，分析继续分析汇率和价格之间的关系。对购买力平价的偏离是根据现代资产市场汇率方法来解释的。
This paper analyzes the key issues and lessons from the experience with flexible exchange rates during the 1970s. It analyzes the efficiency of the foreign-exchange market and the volatility of exchange rates, as well as the relationships between exchange rates and interest rates. A key distinction is made between anticipated and unanticipated events, and it is shown that the key factor affecting exchange rates has been "news." The analysis then proceeds to analyze the relationship between exchange rates and prices. The deviations from purchasing power parities are being interpreted in terms of the modern asset-market approach to the exchange rate.