IDEAS home Printed from https://ideas.repec.org/a/ucp/jnlbus/v71y1998i2p147-77.html
   My bibliography  Save this article

Monetary Policy Actions, Intervention, and Exchange Rates: A Reexamination of the Empirical Relationships Using Federal Funds Rate Target Data

Author

Listed:
  • Bonser-Neal, Catherine
  • Roley, V Vance
  • Sellon, Gordon H, Jr

Abstract

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.

Suggested Citation

  • Bonser-Neal, Catherine & Roley, V Vance & Sellon, Gordon H, Jr, 1998. "Monetary Policy Actions, Intervention, and Exchange Rates: A Reexamination of the Empirical Relationships Using Federal Funds Rate Target Data," The Journal of Business, University of Chicago Press, vol. 71(2), pages 147-177, April.
  • Handle: RePEc:ucp:jnlbus:v:71:y:1998:i:2:p:147-77
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/209741
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:jnlbus:v:71:y:1998:i:2:p:147-77. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division). General contact details of provider: http://www.journals.uchicago.edu/JB/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.