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Central-bank intervention: recent literature, continuing controversy Author info | Abstract | Publisher info | Download info | Related research | Statistics Owen F. Humpage
A review of recent literature on central-bank intervention in exchange markets, finding some qualified support for the power of intervention to influence market expectations, but finding little evidence to support the interventionist policy the G-3 countries have conducted in recent years.
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Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review .
Volume (Year): (1991)
Issue (Month): Q II ()
Pages: 12-26
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Handle: RePEc:fip:fedcer:y:1991:i:qii:p:12-26:n:v.27no.2Contact details of provider: Postal: 1455 East 6th St., Cleveland OH 44114 Phone: 216.579.2000 Web page: http://www.clevelandfed.org/ More information through EDIRC
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Keywords: Foreign exchange ; Monetary policy ; Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: George A. Kahn & Kristina Jacobson, 1989.
"Lessons from West German monetary policy ,"
Economic Review ,
Federal Reserve Bank of Kansas City, issue Apr, pages 18-35.
[Downloadable!]
William P. Osterberg, 1989.
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Working Paper
8908, Federal Reserve Bank of Cleveland.
[Downloadable!]
Owen F. Humpage, 1984.
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Working Paper
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Meese, Richard, 1990.
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Journal of Economic Perspectives ,
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Takatoshi Ito, 1990.
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NBER Working Papers
2679, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Richard C. Marston, 1985.
"Stabilization Policies in Open Economies ,"
NBER Working Papers
1117, National Bureau of Economic Research, Inc.
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Jurgen Von Hagen, 1989.
"Monetary targeting with exchange rate constraints: the Bundesbank in the 1980's ,"
Review ,
Federal Reserve Bank of St. Louis, issue Sep, pages 53-69.
[Downloadable!]
Dale Henderson, 1984.
"Exchange Market Intervention Operations: Their Role in Financial Policy and Their Effects ,"
NBER Chapters ,
in: Exchange Rate Theory and Practice, pages 359-406
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[Downloadable!]
Frankel, Jeffrey A & Rockett, Katharine E, 1988.
"International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model ,"
American Economic Review ,
American Economic Association, vol. 78(3), pages 318-40, June.
[Downloadable!] (restricted)
Warren E. Weber, 1986.
"Do sterilized interventions affect exchange rates? ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Sum, pages 14-23.
[Downloadable!]
Marston, Richard C., 1985.
"Stabilization policies in open economies ,"
Handbook of International Economics ,
in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 17, pages 859-916
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Grossman, Sanford J & Stiglitz, Joseph E, 1980.
"On the Impossibility of Informationally Efficient Markets ,"
American Economic Review ,
American Economic Association, vol. 70(3), pages 393-408, June.
Jeffrey A. Frankel, 1994.
"The Making of Exchange Rate Policy in the 1980s ,"
NBER Working Papers
3539, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Loopesko, Bonnie E., 1984.
"Relationships among exchange rates, intervention, and interest rates: An empirical investigation ,"
Journal of International Money and Finance ,
Elsevier, vol. 3(3), pages 257-277, December.
[Downloadable!] (restricted)
Maurice Obstfeld, 1983.
"Exchange Rates, Inflation and the Sterilization Problem: Germany, 1975-1981 ,"
NBER Working Papers
0963, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Klein, Michael W., 1992.
"Big effects of small interventions: The informational role of intervention in exchange rate policy ,"
European Economic Review ,
Elsevier, vol. 36(4), pages 915-924, May.
[Downloadable!] (restricted)
Michael M. Hutchison, 1984.
"Intervention, deficit finance and real exchange rates: the case of Japan ,"
Economic Review ,
Federal Reserve Bank of San Francisco, issue Win, pages 27-44.
[Downloadable!]
Juann H. Hung, 1991.
"Noise trading and the effectiveness of sterilized foreign exchange intervention ,"
Research Paper
9111, Federal Reserve Bank of New York.
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Richard T. Baillie & William P. Osterberg, 1991.
"The risk premium in forward foreign exchange markets and G-3 central bank intervention: evidence of daily effects, 1985-1990 ,"
Working Paper
9109, Federal Reserve Bank of Cleveland.
[Downloadable!]
Owen F. Humpage, 1994.
"Institutional aspects of U.S. intervention ,"
Economic Review ,
Federal Reserve Bank of Cleveland, issue Q I, pages 2-19.
[Downloadable!]
William P. Osterberg & Rebecca Wetmore Humes, 1993.
"The inaccuracy of newspaper reports of U.S. foreign exchange intervention ,"
Economic Review ,
Federal Reserve Bank of Cleveland, issue Q IV, pages 25-33.
[Downloadable!]
Juann H. Hung, 1995.
"Intervention strategies and exchange rate volatility: a noise trading perspective ,"
Research Paper
9515, Federal Reserve Bank of New York.
[Downloadable!]
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