Reports versus Official Interventions A Cautionary Warning
نویسنده
چکیده
Reuters reports have become an accepted tool for empirical studies analyzing informationa l asymmetries in exchange rate markets. This paper tests the accuracy of the Reuters announcements for Swiss interventions. The evidence finds that the Reuters announcements are not concentrated just after the first intervention transaction as is assumed in empirical studies. The variance of the prediction error is measured in hours and not in minutes. A further assumption that the Reuters announcement always falls after the first actual transaction is found to be violated. At a minimum, the new empirical results question the accuracy of Reuters reports for small countries.
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تاریخ انتشار 2003