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Interventions Versus Customer Transactions: An Alternative Test of the Signalling Hypothesis

Author

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  • Fischer, Andreas M
  • Zurlinden, Mathias

Abstract

The intra-daily efficacy of interventions by the Swiss National Bank (SNB) is examined for the 1986–94 period. The paper extends results from earlier studies because it uses the actual intervention exchange rates and all SNB interventions are known to the market. Our test of the signalling hypothesis, which distinguishes between interventions and customer transactions, is similar in spirit to US studies that exploit the informational differences between reported and unreported interventions. A key finding is that only initial interventions matter; customer transactions and subsequent interventions have no influence.

Suggested Citation

  • Fischer, Andreas M & Zurlinden, Mathias, 1998. "Interventions Versus Customer Transactions: An Alternative Test of the Signalling Hypothesis," CEPR Discussion Papers 1864, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1864
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    Cited by:

    1. Priscilla Chiu, 2003. "Transparency versus constructive ambiguity in foreign exchange intervention," BIS Working Papers 144, Bank for International Settlements.

    More about this item

    Keywords

    exchange rate intervention; signalling hypothesis;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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