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Exchange Rates and the "News": Some Evidence Using U.K. Survey Data

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  • MacDonald, Ronald
  • Torrance, T S

Abstract

Using survey data, this paper investigates two theories concerning the consequences of unan ticipated increases in aM3, the broad U.K. monetary aggregate, over t he period 1981.10 to 1985.8. In order to decide whether market operat ors believe that monetary laxity will be reversed (the policy anticip ation hypothesis) or will lead to higher future inflation (the Fisher hypothesis), the effects on a variety of sterling exchange rates are investigated. It is concluded that the former theory is the better s upported. Copyright 1988 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • MacDonald, Ronald & Torrance, T S, 1988. "Exchange Rates and the "News": Some Evidence Using U.K. Survey Data," The Manchester School of Economic & Social Studies, University of Manchester, vol. 56(1), pages 69-76, March.
    • Handle: RePEc:bla:manch2:v:56:y:1988:i:1:p:69-76
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    Cited by:

    1. Gabriele Galati & Corrinne Ho, 2001. "Macroeconomic news and the euro/dollar exchange rate," BIS Working Papers 105, Bank for International Settlements.
    2. Terry Boulter & Celeste Ping Fern Tan, 2000. "The Short Run Impact of Scheduled Macroeconomic Announcements on the Australian Dollar during 1998," School of Economics and Finance Discussion Papers and Working Papers Series 082, School of Economics and Finance, Queensland University of Technology.
    3. Wang, Peijie & Jones, Trefor, 2002. "Testing for efficiency and rationality in foreign exchange markets--a review of the literature and research on foreign exchange market efficiency and rationality with comments," Journal of International Money and Finance, Elsevier, vol. 21(2), pages 223-239, April.
    4. Ron Jongen & Willem F.C. Verschoor & Christian C.P. Wolff, 2008. "Foreign Exchange Rate Expectations: Survey And Synthesis," Journal of Economic Surveys, Wiley Blackwell, vol. 22(1), pages 140-165, February.
    5. Munazza Jabeen & Abdul Rashid & Hajra Ihsan, 2022. "The news effects on exchange rate returns and volatility: Evidence from Pakistan," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 745-769, January.
    6. S. Rubun Dey & Christopher J. Neely, 2010. "A survey of announcement effects on foreign exchange returns," Review, Federal Reserve Bank of St. Louis, vol. 92(Sep), pages 417-464.

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