Pagrindinis šio straipsnio tikslas – atskleisti vadinamojo dvigubojo kozirio sprendimų valdymo globalioje valiutų rinkoje modelio turinį ir pateikti jo praktinio naudojimo galimybes bei rezultatus. Šis modelis sudarytas remiantis vieno iš autorių anksčiau pasiūlytu adekvačiuoju...

This comment will explain the differences and respecify some of the equations to dispel any misconceptions in Humpage's earlier article of the same title.

We analyze the short-term price impact of Japanese foreign exchange intervention operations between 1991 and 2004, using official data from Japan's Ministry of Finance. Over the period as a whole, we find some evidence of a modest "against the wind" effect, but interventions do not have value as...

Comments at the 10th Anniversary of CLS, New York City.

This paper assesses U.S. foreign-exchange intervention since the inception of generalized floating. We find that intervention was by and large ineffectual. We first identify which interventions were successful according to three criteria. Then, we test whether the number of observed successes...

A vast literature on the effects of sterilized intervention by the monetary authorities in the foreign exchange markets concludes that intervention systematically moves the spot exchange rate only if it is publicly announced, coordinated across countries, and consistent with the underlying...

Comments at the 10th Anniversary of CLS, New York City.

By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and speculation...

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 they showed a limited ability to smooth dollar movements....

A growing number of observers seem to believe that official foreign exchange intervention offers a useful tool for managing the dollar’s descent. In particular situations, official transactions can sometimes produce temporary changes in exchange rates, but intervention does not permit...