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Identifying the effects of central bank intervention

Neely, Christopher J. (contributor) - 2005 - rev.

"Most intervention studies have been silent on the assumed structure of the economic system--implicitly imposing implausible assumptions--despite the fact that inference depends crucially on such issues. This paper proposes to identify the cross-effects of intervention with the level and...

Persistent link: https://www.econbiz.de/10002977390

Offset and Sterilization Under Fixed Exchange Rates with an Optimizing Central Bank

Roubini, Nouriel - 2021

The traditional approach to the estimation of the offset and sterilization equations can be criticized for the ad-hoc specification of the reaction function of the monetary authorities and the endogeneity of the domestic credit and foreign reserve variables in the estimated equations. The paper...

Persistent link: https://www.econbiz.de/10013217220

When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?

Dominguez, Kathryn M.E. - 2012

This paper examines dollar interventions by the G3 governments since 1989, and the reasons that trader reactions to these interventions might differ over time and across central banks. Market microstructure theory provides a framework for understanding the process by which sterilized central...

Persistent link: https://www.econbiz.de/10012755830

U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float : 1973 - 1981

Bordo, Michael D. - 2011

The dollar's depreciation during the early floating rate period, 1973 - 1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar's decline, but showed a limited ability to smooth dollar movements. Only after...

Persistent link: https://www.econbiz.de/10013131970

U.S. Foreign-Exchange-Market Intervention During the Volcker-Greenspan Era

Bordo, Michael D. - 2010

The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide...

Persistent link: https://www.econbiz.de/10013138323

Central bank authorities' beliefs about foreign exchange intervention

Neely, Christopher J. (contributor) - 2007 - Rev.

Persistent link: https://www.econbiz.de/10003740121

Central Bank intervention and exchange rate volatility : evidence from Japan using realized volatility

Cheng, Ai-ru Meg; Das, Kuntal K.; Shimatani, Takeshi - 2013

Persistent link: https://www.econbiz.de/10009747193

Central bank liquidity management and "unconventional" monetary policies

Garcia-Cicco, Javier; Kawamura, Enrique - 2014

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

Persistent link: https://www.econbiz.de/10011285637

Negative Nominal Interest Rates : Three Ways to Overcome the Zero Lower Bound

Buiter, Willem H. - 2010

The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...

Persistent link: https://www.econbiz.de/10013152378

"Currency Manipulation" and World Trade

Staiger, Robert W. - 2009

. In the past few years, this issue has moved to center stage because of the foreign exchange policies of China. China has … large global and bilateral trade surpluses. Numerous public officials and commentators argue that China has engaged in … impermissible quot;currency manipulation,quot; and various proposals for stiff action against China have been advanced. This paper …

Persistent link: https://www.econbiz.de/10012765560

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