Title page for etd-0602118-150230


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URN etd-0602118-150230
Author Teng-kuan Tsai
Author's Email Address No Public.
Statistics This thesis had been viewed 5537 times. Download 177 times.
Department Economics
Year 2017
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Forward Exchange Market, Heterogeneous Hedging
and Announcement Effects of Monetary Policy
Date of Defense 2018-06-26
Page Count 51
Keyword
  • forward exchange market
  • heterogeneous hedging
  • announcement effect
  • dynamic adjustment
  • monetary policy
  • Abstract This Paper introduces the heterogeneous hedging behavior into Eaton and Turnovsky (1982) model. We allow part of people hedging, while part of people doesn’t. Through a general equilibrium model which people have heterogeneous hedging behavior, we examine the dynamics of spot exchange rates and forward exchange rates while the government announces an expansionary monetary policy. Besides, we also analysis the effects of expansionary monetary policy when the proportion of hedging people is higher. This paper finds out that while there are more people hedging, no matter at the point that government announces policy or after the government announces policy, the spot rate fluctuate less. It means when the proportion of hedging people is higher, the effects of an anticipated expansionary monetary policy is lower, and the fluctuation of spot exchange rates is more stable.
    Advisory Committee
  • Shih-wen Hu - chair
  • Shul-John Li - co-chair
  • Ching-chong Lai - advisor
  • Files
  • etd-0602118-150230.pdf
  • indicate access worldwide
    Date of Submission 2018-07-03

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