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150128 ||| eng |
| 020 |
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|a 9781451922042
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| 100 |
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|a Isard, Peter
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| 245 |
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|a Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization
|c Peter Isard
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1994
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| 300 |
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|a 32 pages
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| 653 |
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|a Foreign exchange reserves
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| 653 |
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|a Rational expectations
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| 653 |
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|a Investment
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| 653 |
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|a Economic Theory
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| 653 |
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|a Return on investment
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Expectations
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Intangible Capital
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Saving and investment
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| 653 |
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|a International reserves
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Investments: General
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| 653 |
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|a Rational expectations; Economic theory
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Capacity
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| 653 |
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|a Exchange rates
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| 653 |
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|a Capital
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Speculations
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451922042.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1994/020/001.1994.issue-020-en.xml?cid=1160-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention
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