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Intervention and the bid-ask spread in G-3 foreign exchange rates

  • William P. Osterberg
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    A test of whether the anticipation of G-3 (Germany, Japan and the U.S.) central-bank intervention explains wider bid-ask spreads in the spot and forward rates of marks/dollars and yen/dollars, finding little evidence to support the view that spreads widen in anticipation of intervention.

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

    Volume (Year): (1992)
    Issue (Month): Q II ()
    Pages: 2-13

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    Handle: RePEc:fip:fedcer:y:1992:i:qii:p:2-13:n:v.28no.2
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    1. G.B. Gorton & J.G. Haubrich, . "Bank Deregulation, Credit Markets and the Control of Capital," Rodney L. White Center for Financial Research Working Papers 08-86, Wharton School Rodney L. White Center for Financial Research.
    2. Klein, Michael A, 1972. "On the Causes and Consequences of Savings and Loan Deposit Rate Inflexibility," Journal of Finance, American Finance Association, vol. 27(1), pages 79-87, March.
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    8. Haubrich, Joseph G, 1988. "Optimal Financial Structure in Exchange Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(2), pages 217-35, May.
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    10. Judd, Kenneth L., 1985. "The law of large numbers with a continuum of IID random variables," Journal of Economic Theory, Elsevier, vol. 35(1), pages 19-25, February.
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    12. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
    13. Jacklin, Charles J & Bhattacharya, Sudipto, 1988. "Distinguishing Panics and Information-Based Bank Runs: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 568-92, June.
    14. Robinson, Joan, 1972. "The Second Crisis of Economic Theory," American Economic Review, American Economic Association, vol. 62(2), pages 1-10, May.
    15. Gerald I. Weber, 1966. "Interest Rates On Mortgages And Dividend Rates On Savings And Loan Shares," Journal of Finance, American Finance Association, vol. 21(3), pages 515-521, 09.
    16. Hannan, Timothy H & Berger, Allen N, 1991. "The Rigidity of Prices: Evidence from the Banking Industry," American Economic Review, American Economic Association, vol. 81(4), pages 938-45, September.
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    19. repec:bla:restud:v:38:y:1971:i:114:p:175-208 is not listed on IDEAS
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