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

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

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Fischer, Andreas M
Zurlinden, Mathias

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Andreas M Fischer

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.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1864.

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Date of creation: Apr 1998
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Handle: RePEc:cpr:ceprdp:1864

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Find related papers by 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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