An analysis of the forecast value of U.S. interventions in the foreign exchange market over the past seven years, which finds that official transactions by U.S. monetary authorities generally did not seem to improve the efficiency with which the foreign exchange market obtained information...

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/$....

A comparison of official data on U.S. foreign exchange intervention with newspaper reports, finding that the series are systematically different and implying either that intervention may not be able to signal monetary policy accurately or that not all market participants have equally accurate...

In this paper I address some of the issues associated with measuring the profits and losses from intervention and show that U.S intervention since the beginning of generalized floating in 1973 has earned positive economic profits for the U.S. monetary authorities. Profitability has been largest...

A review of three channels through which central bank intervention could alter exchange rates, concluding that sterilized intervention is a very limited policy tool.