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- W1558313968 abstract "Official intervention in the foreign exchange rate market can prevent the exchange rate from behaving as a random walk. Since central banks have routinely intervened in the foreign exchange market, empirical tests should reject the random walk hypothesis. A number of alternative statistical tests are employed to examine this hypothesis. The empirical results reveal that all but the Dickey-Fuller tests flatly reject the random walk hypothesis for all currencies tested. Given the low statistical power of the Dickey-Fuller tests, the empirical evidence points toward a rejection of the random walk hypothesis." @default.
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- W1558313968 date "1995-01-01" @default.
- W1558313968 modified "2023-09-26" @default.
- W1558313968 title "Official Intervention in the Foreign Exchange Market and the Random Walk Behavior of Exchange Rates" @default.
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