Beine, Michel; Grauwe, Paul De; Grimaldi, Marianna - Centre de Recherche en Économie Appliquée (CREA), … - 2008
In this paper, we analyze the e¤ectiveness of the direct central bank interventions using a new effectiveness criterion. To this aim, we investigate the e¤ects of central bank interventions (CBI) in a noise trading model with chartists and fundamentalists. We first estimate a model in which...