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Recent U.S. intervention: is less more?

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Author Info
Owen F. Humpage
Abstract

An analysis of the forecast value of U.S. interventions in the foreign exchange market over the past seven years, which finds that official transactions by U.S. monetary authorities generally did not seem to improve the efficiency with which the foreign exchange market obtained information during this period.

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File URL: http://www.clevelandfed.org/research/review/1997/97-q3-humpage.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1997)
Issue (Month): Q III ()
Pages: 2-10
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Handle: RePEc:fip:fedcer:y:1997:i:qiii:p:2-10

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Related research
Keywords: Foreign exchange - Law and legislation;

References listed on IDEAS
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  1. Leahy, Michael P, 1995. "The profitability of US intervention in the foreign exchange markets," Journal of International Money and Finance, Elsevier, vol. 14(6), pages 823-844, December. [Downloadable!] (restricted)
  2. Merton, Robert C, 1981. "On Market Timing and Investment Performance. I. An Equilibrium Theory of Value for Market Forecasts," Journal of Business, University of Chicago Press, vol. 54(3), pages 363-406, July. [Downloadable!] (restricted)
  3. Owen F. Humpage, 1988. "Intervention and the dollar's decline," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 2-16. [Downloadable!]
  4. Henriksson, Roy D & Merton, Robert C, 1981. "On Market Timing and Investment Performance. II. Statistical Procedures for Evaluating Forecasting Skills," Journal of Business, University of Chicago Press, vol. 54(4), pages 513-33, October. [Downloadable!] (restricted)
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This page was last updated on 2009-12-6.

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