Monetary Policy Actions, Intervention, and Exchange Rates: A Reexamination of the Empirical Relationships Using Federal Funds Rate Target Data
The authors reexamine the relationships among Federal Reserve monetary-policy actions, U.S. interventions in currency markets, and exchange rates using an alternative measure of monetary policy actions, the Federal Reserve's federal funds rate target. They find that exchange rates generally respond immediately to U.S. monetary policy actions and that these responses are usually consistent with the overshooting hypothesis. The authors also find evidence of signaling and leaning-against-the-wind U.S. intervention policies over the sample; however, controlling for such interventions do not alter their estimates of exchange rate responses to federal funds rate target changes. Copyright 1998 by University of Chicago Press.
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