Rational Speculators and Exchange Rate Volatility
Rational Speculators and Exchange Rate Volatility
复制标题
理性投机者与汇率波动
DOI：
10.2139/ssrn.993856
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发表时间：
1996
期刊：
影响因子：
--
通讯作者：
J. Carlson
中科院分区：
文献类型：
--
作者：
C. Osler;J. Carlson
本文认为理性投机活动与汇率波动之间存在结构性联系。我们注意到，当弗里德曼最初声称理性投机者必须平滑汇率时，他将利差排除在他对投机者行为的解释之外。如果利率很重要，理性的投机者有时会违反弗里德曼的描述，买入一种价值相对较高的货币，或卖出一种价值较低的货币。
This paper suggests a structural connection between rational speculative activity and exchange rate volatility. We note that, when Friedman originally claimed that rational speculators must smooth exchange rate, he excluded interest rate differentials form his interpretation of speculator behavior. If interest rates matter, rational speculators could sometimes violate Friedman's description, and buy a currency whose value is relatively high or sell a currency whose value is low.