Why intervention rarely works
AbstractForeign-exchange-market intervention is generally ineffective when undertaken independent of monetary policy. But when undertaken as a goal of monetary policy, exchange-rate management can compromise price stability. This Economic Commentary explains the difficulties of implementing an intervention policy.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.
Volume (Year): (2000)
Issue (Month): Feb 1 ()
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- Beine, Michel, 2004.
"Conditional covariances and direct central bank interventions in the foreign exchange markets,"
Journal of Banking & Finance,
Elsevier, vol. 28(6), pages 1385-1411, June.
- Michel Beine, 2004. "Conditional covariance and direct Central Bank intervention in the foreign exchange markets," ULB Institutional Repository 2013/10431, ULB -- Universite Libre de Bruxelles.
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