Are successful interventions random events?

An examination of the Federal Reserve's intervention successes in the late 1980s, showing that, although the characteristic day-to-day fluctuations in exchange rates virtually ensured that a large share of these interventions would appear successful--purely by chance and even in the absence of a causal link--the number of successes proved larger than pure randomness would suggest.

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Year of publication:	1996
Authors:	Humpage, Owen F.
Published in:	Economic Commentary. - Federal Reserve Bank of Cleveland. - 1996, Mar, 1
Publisher:	Federal Reserve Bank of Cleveland
Subject:	Foreign exchange \| Law and legislation

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005390447