Exchange Rates and FOMC Days
利用联邦公开市场委员会会议日的日内汇率数据，研究政策不确定性和学习对汇率决定的影响，发现会议期间会出现知情交易状态，且无法用公共信息解释。
Federal Open Market Committee (FOMC) meeting days provide a natural laboratory for exploring the effects of policy uncertainty and learning on exchange rate determination. A reasonable hypothesis is that the meeting outcomes are price‐relevant public information associated with a switch to an “informed‐trading state.” Evidence is provided by intradaily exchange rates for 10 FOMC meetings. A particularly interesting finding is that the informed‐trading regime tends to emerge during the time that the FOMC meets. An extensive search of public news indicates that the informed trading cannot be explained as the response to public information.