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外汇干预与汇率市场预期   ——关于日元 / 美元的研究 程锋  薛慧如 2007 年 5 月 23 日
一、核心思想 ,[object Object]
二、四大突破 ,[object Object],[object Object]
二、四大突破 ,[object Object],[object Object]
三、实证结果 ,[object Object],[object Object],[object Object],[object Object]
三、实证结果 ,[object Object],[object Object]
三、实证结果 ,[object Object],[object Object],[object Object]
四、本文结构 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
一、文献综述 ,[object Object],[object Object],[object Object],[object Object]
(一)早期研究     ——外汇干预对汇率水平的影响及影响的渠道 ,[object Object],[object Object],[object Object],[object Object]
(一)早期研究     ——外汇干预对汇率水平的影响及影响的渠道 ,[object Object],[object Object],[object Object],[object Object],[object Object]
(二)近期研究——干预对汇率实际波动性的影响 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
(三)最新研究——干预对预期未来汇率波动性的影响 ,[object Object]
(三)最新研究——干预对预期未来汇率波动性的影响 ,[object Object],[object Object],[object Object],[object Object]
(三)最新研究——干预对预期未来汇率波动性的影响 ,[object Object],[object Object]
(三)最新研究——干预对预期未来汇率波动性的影响 ,[object Object],[object Object]
(四)央行干预的反应函数 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
(五)文献归纳 ,[object Object]
(五)文献归纳 ,[object Object],[object Object],[object Object],[object Object]
二、数据选取及处理 ,[object Object],[object Object],[object Object],[object Object],[object Object]
二、数据选取及处理 ,[object Object],[object Object],[object Object],[object Object],[object Object]
( 一 ) 央行干预数据 ,[object Object],[object Object],[object Object],[object Object]
( 一 ) 央行干预数据 ,[object Object],[object Object]
( 一 ) 央行干预数据 ,[object Object],[object Object],[object Object],[object Object]
( 一 ) 央行干预数据 ,[object Object],[object Object]
(二)宏观经济变量 ,[object Object],[object Object],[object Object],[object Object],[object Object]
(三)预期未来汇率水平分布 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
(三)预期未来汇率水平分布 ,[object Object],[object Object],[object Object]
(三)预期未来汇率水平分布 ,[object Object],[object Object],[object Object]
(三)预期未来汇率水平分布
(三)预期未来汇率水平分布 ,[object Object]
(三)预期未来汇率水平分布
(三)预期未来汇率水平分布

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