Lobo, Bento J.; Darrat, Ali F.; Ramchander, Sanjay - In: The Financial Review 41 (2006) 2, pp. 289-303
This study examines whether tightening and easing actions of the Federal Reserve symmetrically influence currency markets. Using daily data on four exchange rates from 1989 to 2001, we find that changes in the Fed's interest rate target are positively related to changes in the value of the...