Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule

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Titel: Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule
Författare: Bask, Mikael
Institution: Suomen Pankki
Serie: Bank of Finland Research Discussion Papers
Serienumber: 19/2007
Utgivningsår: 2007
Utgivningsdatum: 1.7.2007
Sidor: 26 s.
Nyckelord: rahapolitiikka; säännöt; korot; avoin talous; mallit; valuuttakurssit; valuuttakauppa; valuuttamarkkinat; DSGE;
JEL: C65; E32; E44; E52; F31
Abstrakt: A DSGE model with a Taylor rule is augmented with an evolutionary switching between technical and fundamental analyses in currency trade, where the fractions of these trading tools are determined within the model. Then, a shock hits the economy. As a result, chaotic dynamics and long swings may occur in the exchange rate, which are appealing features of the model given existing empirical evidence on chaos and long swings in exchange rate fluctuations. Keywords: chaotic dynamics, foreign exchange, fundamental analysis, monetary policy, technical analysis JEL classification numbers: C65, E32, E44, E52, F31
Licens: https://helda.helsinki.fi/bof/copyright


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