Central-bank intervention: recent literature, continuing controversy
A review of recent literature on central-bank intervention in exchange markets, finding some qualified support for the power of intervention to influence market expectations, but finding little evidence to support the interventionist policy the G-3 countries have conducted in recent years.
Volume (Year): (1991)
Issue (Month): Q II ()
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- Obstfeld, Maurice, 1983.
"Exchange rates, inflation, and the sterilization problem: Germany, 1975-1981,"
European Economic Review,
Elsevier, vol. 21(1-2), pages 161-189.
- Maurice Obstfeld, 1982. "Exchange Rates, Inflation and the Sterilization Problem: Germany, 1975-1981," NBER Working Papers 0963, National Bureau of Economic Research, Inc.
- Michael M. Hutchison, 1984. "Intervention, deficit finance and real exchange rates: the case of Japan," Economic Review, Federal Reserve Bank of San Francisco, issue Win, pages 27-44.
- L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
- Takatoshi Ito, 1988.
"Foreign Exchange Rate Expectations: Micro Survey Data,"
NBER Working Papers
2679, National Bureau of Economic Research, Inc.
- Ito, Takatoshi, 1990. "Foreign Exchange Rate Expectations: Micro Survey Data," American Economic Review, American Economic Association, vol. 80(3), pages 434-49, June.
- William P. Osterberg, 1989. "Intervention and the risk premium in foreign exchange rates," Working Paper 8908, Federal Reserve Bank of Cleveland.
- Owen F. Humpage, 1984. "Dollar intervention and the deutschemark-dollar exchange rate: a daily time-series model," Working Paper 8404, Federal Reserve Bank of Cleveland.
- Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
- Dale Henderson, 1984. "Exchange Market Intervention Operations: Their Role in Financial Policy and Their Effects," NBER Chapters, in: Exchange Rate Theory and Practice, pages 359-406 National Bureau of Economic Research, Inc.
- George A. Kahn & Kristina Jacobson, 1989. "Lessons from West German monetary policy," Economic Review, Federal Reserve Bank of Kansas City, issue Apr, pages 18-35.
- Jurgen Von Hagen, 1989. "Monetary targeting with exchange rate constraints: the Bundesbank in the 1980's," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 53-69.
- Jeffrey Frankel., 1991.
"The Making of Exchange Rate Policy in the 1980s,"
Economics Working Papers
91-157, University of California at Berkeley.
- Jeffrey A. Frankel, 1990. "The Making of Exchange Rate Policy in the 1980s," NBER Working Papers 3539, National Bureau of Economic Research, Inc.
- Frankel, Jeffrey, 1991. "The Making of Exchange Rate Policy in the 1980s," Department of Economics, Working Paper Series qt42w688hs, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Loopesko, Bonnie E., 1984. "Relationships among exchange rates, intervention, and interest rates: An empirical investigation," Journal of International Money and Finance, Elsevier, vol. 3(3), pages 257-277, December.
- Klein, Michael W., 1992. "Big effects of small interventions: The informational role of intervention in exchange rate policy," European Economic Review, Elsevier, vol. 36(4), pages 915-924, May.
- Warren E. Weber, 1986. "Do sterilized interventions affect exchange rates?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 14-23.
- Grossman, Sanford J & Stiglitz, Joseph E, 1980.
"On the Impossibility of Informationally Efficient Markets,"
American Economic Review,
American Economic Association, vol. 70(3), pages 393-408, June.
- Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
- Meese, Richard, 1990. "Currency Fluctuations in the Post-Bretton Woods Era," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 117-34, Winter.
- Richard C. Marston, 1983. "Stabilization Policies in Open Economies," NBER Working Papers 1117, National Bureau of Economic Research, Inc.
- Marston, Richard C., 1985. "Stabilization policies in open economies," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 17, pages 859-916 Elsevier.
- Juann H. Hung, 1991. "Noise trading and the effectiveness of sterilized foreign exchange intervention," Research Paper 9111, Federal Reserve Bank of New York.
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