Using a set of standard success criteria, we show that Riksbank foreign-exchange interventions between 1993 and 2002 lacked forecast value; that is, the observed number of successes was not significantly greater--and usually substantially smaller--than the number one would anticipate given the...

The authors apply a notion of power, defined for coalitions, which is derived from the Shapley value. They calculate the power of coalitions within a 12-person committee meant to correspond to the FOMC.