Topic
Exchange rate
About: Exchange rate is a research topic. Over the lifetime, 47255 publications have been published within this topic receiving 944563 citations. The topic is also known as: foreign-exchange rate & forex rate.
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TL;DR: In this paper, the interaction between energy futures prices and exchange rates is investigated and it is shown that futures prices for crude oil, heating oil and unleaded gasoline are co-integrated with a trade-weighted index of exchange rates.
188 citations
TL;DR: In the early 1990s, several emerging market and transition economies (EMEs) have adopted IT as discussed by the authors, and the role of preconditions for IT, the use of intermediate exchange rate targets, and the specification of inflation targets.
Abstract: Starting in the early 1990s, several emerging market and transition economies (EMEs) have adopted inflation targeting (IT) In this paper we discuss a number of issues that arise in this context: (a) the definition of IT, (b) the role of preconditions for IT, (c) the use of intermediate exchange rate targets, and (d) the specification of inflation targets Our overall conclusion is that, suitably modified, IT is a useful policy strategy for EMEs
187 citations
TL;DR: In this paper, the authors consider the implications of incomplete exchange rate pass-through for optimal monetary and exchange rate policy and derive welfare functions in terms of a weighted sum of the second moments of producer prices and the nominal exchange rate.
187 citations
01 Jan 2001
TL;DR: In this paper, the authors report findings from a survey of United States foreign exchange traders, which indicates that electronic-brokered transactions have risen substantially, mostly at the expense of traditional brokers.
Abstract: We report findings from a survey of United States foreign exchange traders. Our results indicate that: (i) in recent years electronically-brokered transactions have risen substantially, mostly at the expense of traditional brokers; (ii) the market norm is an important det e rminant of interbank bid-ask spread and the most widely-cited reason for deviating from the conventional bid-ask spread is a thin/hectic market; (iii) half or more of market respondents believe that large players dominate in the dollar-pound and dollar-Swiss franc markets; (iv) technical trading best characterizes about 30% of traders, with this proportion rising from five years ago; (v) news about macroeconomic variables is rapidly incorporated into exchange rates; (vi) the importance of individual macroe c onomic variables shifts over time, although interest rates always appear to be important; (vii) economic fundamentals are perceived to be more important at longer horizons, while short-run deviations from the fundamentals are attributed to excess speculation and institutional customer/hedge fund manipulation; (viii) speculation is generally viewed positively, as enhancing market efficiency and liquidity, even though it exacerbates volatility; (ix) central bank intervention does not appear to have substantial effect, although there is general agreement that it increases volatility, and finally; (x) traders do not view purchasing power parity as a useful concept, even though a significant proportion (40%) believe that it affects exchange rates at horizons of over six months.
187 citations
TL;DR: This article studied the reaction of the conditional mean and volatility of the euro-dollar exchange rate to statements by European Central Bank and national central bank officials and found that the Bundesbank has dominated the news coverage.
186 citations