Siklos, Pierre L.; Weymark, Diana N. - Hong Kong Institute for Monetary Research (HKIMR), … - 2007
This paper applies a new measure of the effectiveness of sterilized interventions to data for 16 economies. The measure is defined as the difference between ex ante(xaEMP) and ex post exchange market pressure(xpEMP). xaEMP is calculated on the basis of a counterfactual that no intervention takes...