Exchange rate dynamics, central bank interventions and chaos control methods

被引：35
作者：
Wieland, C [1 ]
Westerhoff, FH [1 ]
机构：
[1] Univ Osnabruck, Dept Econ, D-49069 Osnabruck, Germany
来源：
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2005年 / 58卷 / 01期
关键词：
exchange rate dynamics; central bank interventions; chaos control; technical and fundamental trading rules;
D O I：
10.1016/j.jebo.2003.12.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use a simple chartist-fundamentalist model developed by Day and Huang to explore recent chaos control algorithms as potential candidates for central bank intervention rules. We find that methods such as delayed feedback control, OGY and constant feedback have, in principle, the potential to reduce exchange rate variability and deviations from fundamentals even in the presence of large dynamic noise. (c) 2004 Elsevier B.V. All rights reserved.
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页码：117 / 132
页数：16
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