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The inaccuracy of newspaper reports of U.S. foreign exchange intervention

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Author Info
William P. Osterberg
Rebecca Wetmore Humes
Abstract

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 information about exchange market intervention.

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File URL: http://clevelandfed.org/Research/Review/1993/93-q4-osterberg.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1993)
Issue (Month): Q IV ()
Pages: 25-33
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:fip:fedcer:y:1993:i:qiv:p:25-33:n:v.29no.4

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Related research
Keywords: Foreign exchange - Law and legislation;

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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.:
  1. Reuven Glick & Michael Hutchison, 1992. "Monetary policy, intervention, and exchange rates in Japan," Proceedings, Federal Reserve Bank of San Francisco, pages 225-257.
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  2. Richard T. Baillie & Owen F. Humpage, 1992. "Post-Louvre intervention: did target zones stabilize the dollar?," Working Paper 9203, Federal Reserve Bank of Cleveland. [Downloadable!]
  3. Owen F. Humpage, 1991. "Central-bank intervention: recent literature, continuing controversy," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 12-26. [Downloadable!]
  4. Klein, Michael W., 1993. "The accuracy of reports of foreign exchange intervention," Journal of International Money and Finance, Elsevier, vol. 12(6), pages 644-653, December. [Downloadable!] (restricted)
    Other versions:
  5. Danker, Deborah & Haas, Richard & Henderson, Dale & Symansky, Steven & Tryon, Ralph, 1987. "Small empirical models of exchange market intervention: Applications to Germany, Japan, and Canada," Journal of Policy Modeling, Elsevier, vol. 9(1), pages 143-173. [Downloadable!] (restricted)
  6. Graciela L. Kaminsky & Karen K. Lewis, 1993. "Does foreign exchange intervention signal future monetary policy?," Finance and Economics Discussion Series 93-1, Board of Governors of the Federal Reserve System (U.S.).
    Other versions:
  7. Tsutomu Watanabe, 1992. "The signaling effect of foreign exchange intervention: the case of Japan," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
  8. Baillie, R.T. & Osterberg, W.P., 1993. "Central Bank Intervention and Risk in the Forward Premium," Papers 9109, Michigan State - Econometrics and Economic Theory.
  9. Tsutomu Watanabe, 1992. "The signaling effect of foreign exchange intervention: the case of Japan," Proceedings, Federal Reserve Bank of San Francisco, pages 258-286.
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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.)

  1. Jorge Iván Canales Kriljenko, 2003. "Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey," IMF Working Papers 03/95, International Monetary Fund. [Downloadable!]
  2. Rasmus Fatum & Michael M. Hutchison, 2008. "Evaluating Foreign Exchange Market Intervention: Self-selection, Counterfactuals and Average Treatment Effects," Working Papers 022008, Hong Kong Institute for Monetary Research. [Downloadable!]
  3. Rasmus Fatum, 2009. "Official Japanese Intervention in the JPY/USD Exchange Rate Market: Is It Effective and Through Which Channel Does It Work?," IMES Discussion Paper Series 09-E-12, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
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