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Institutional aspects of U.S. intervention

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  • Owen F. Humpage

Abstract

A discussion of the institutional aspects of U.S. exchange-market intervention, from the decision to intervene to investment of the proceeds, focusing on the interactions between the U.S. Treasury and the Federal Reserve System.

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File URL: http://www.clevelandfed.org/Research/Review/1994/94-q1-humpage.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1994)
Issue (Month): Q I ()
Pages: 2-19

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Handle: RePEc:fip:fedcer:y:1994:i:qi:p:2-19:n:v.30no.1

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Related research

Keywords: Foreign exchange - Law and legislation ; Federal Reserve System;

References

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  1. Michael P. Leahy, 1989. "The profitability of U.S. intervention," International Finance Discussion Papers 343, Board of Governors of the Federal Reserve System (U.S.).
  2. Owen F. Humpage, 1991. "Central-bank intervention: recent literature, continuing controversy," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 12-26.
  3. Kaminsky, Graciela L. & Lewis, Karen K., 1996. "Does foreign exchange intervention signal future monetary policy?," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 285-312, April.
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Citations

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Cited by:
  1. Frenkel, Michael & Pierdzioch, Christian & Stadtmann, Georg, 2005. "Japanese and U.S. interventions in the yen/U.S. dollar market: estimating the monetary authorities' reaction functions," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(4-5), pages 680-698, September.
  2. Baillie, Richard T. & Humpage, Owen F. & Osterberg, William P., 2000. "Intervention from an information perspective," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 10(3-4), pages 407-421, December.
  3. Ferré Carracedo, Montserrat & Manzano, Carolina, 2007. "When do central banks prefer to intervene secretly?," Working Papers 2072/5317, Universitat Rovira i Virgili, Department of Economics.
  4. William P. Osterberg, 1997. "Does intervention explain the forward discount puzzle?," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 24-31.
  5. Christopher J. Neely, 2005. "An analysis of recent studies of the effect of foreign exchange intervention," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 685-718.
  6. Owen F. Humpage, 1998. "The Federal Reserve as an informed foreign-exchange trader," Working Paper 9815, Federal Reserve Bank of Cleveland.
  7. Daniels, Joseph, 1997. "Optimal sterilization policies in interdependent economies," Journal of Economics and Business, Elsevier, vol. 49(1), pages 43-60, February.

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