Beine, Michel; Bos, Charles S.; Laurent, Sebastian - 2005
This paper is the first attempt to assess the impact of official FOREX interventions of the three major central banks … Bayesian framework developed by Bos and Shephard (2004). Our results show that in general, the concerted interventions tend to … affect the dynamics of both currency components of the exchange rate. In contrast, unilateral interventions are found to …