Does intervention explain the forward discount puzzle?

An investigation of the impact of U.S. and German central-bank interventions on the forward discount puzzle for two exchange rates-the German mark/U.S. dollar and the Japanese yen/U.S. dollar-using official 1985-91 data. The evidence on the importance of intervention is strongest for the DM/$. However, the direction of the impact is inconsistent with the findings of Flood and Rose (1996) if periods of intervention are viewed as equivalent to fixed-rate regimes.

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Year of publication:	1997
Authors:	Osterberg, William P.
Published in:	Economic Review. - Federal Reserve Bank of Cleveland. - 1997, Q IV, p. 24-31
Publisher:	Federal Reserve Bank of Cleveland
Subject:	Foreign exchange \| Law and legislation

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005360733