scholarly journals High-Frequency Data and Volatility in Foreign-Exchange Rates

1996 ◽  
Vol 14 (1) ◽  
pp. 45 ◽  
Author(s):  
Bin Zhou
Keyword(s):  
Exchange Rates ◽  
Foreign Exchange ◽  
High Frequency ◽  
High Frequency Data ◽  
Foreign Exchange Rates ◽  
Frequency Data

scholarly journals Keynes and the dollar in 1933: the gold-buying program and exchange rate gyrations

2017 ◽  
Vol 24 (3) ◽  
pp. 209-238 ◽  
Author(s):  
Sebastian Edwards
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Gold Standard ◽  
High Frequency ◽  
High Frequency Data ◽  
Frequency Data ◽  
Open Letter ◽  
The Ideal

In December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: ‘The recent gyrations of the dollar have looked to me more like a gold standard on the booze than the ideal managed currency of my dreams.’ This was a criticism of the ‘gold-buying program’ launched in October 1933. In this article I use high-frequency data on the dollar–pound and dollar–franc exchange rates to investigate whether the gyrations of the dollar were unusually high in late 1933. My results show that although volatility was pronounced, it was not higher than during some other periods after 1921. Moreover, dollar volatility began to subside towards the end of the period alluded to by Keynes.

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