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首页> 外文期刊>Journal of International Money and Finance >On the long-term effectiveness of exchange rate communication and interventions
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On the long-term effectiveness of exchange rate communication and interventions

机译：关于汇率沟通和干预的长期有效性

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Exchange rate communication has come to play an increasingly important role as a policy tool for monetary authorities over the past decade. The paper assesses the strategies and the long-term effectiveness of communication as well as actual interventions. The empirical results for the G3 economies indicate that communication has not only exhibited a significant contemporaneous effect on exchange rates, but also has moved forward exchange rates up to a horizon of 6 months in the desired direction. Moreover, communication is found to reduce exchange rate volatility and uncertainty whereas actual interventions tend to raise it. Overall this underlines a key difference between these two policy tools and suggests that communication tends to be a fairly effective policy tool over the medium-term.
机译：在过去的十年中，汇率沟通作为货币当局的政策工具已变得越来越重要。本文评估了沟通的策略和长期有效性以及实际的干预措施。三国集团经济体的经验结果表明，交流不仅对汇率产生了显着的同时效应，而且使汇率朝着预期的方向上升了六个月。此外，人们发现交流可以减少汇率的波动性和不确定性，而实际干预往往会加剧汇率波动性和不确定性。总体而言，这凸显了这两种政策工具之间的主要区别，并表明，在中期，交流往往是一种相当有效的政策工具。

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