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U.S. intervention: assessing the probability of success

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  • Owen F. Humpage

Abstract

A study showing that the number of observed intervention successes over the February 1987 to February 1990 period was greater than one would expect to see randomly, and that the probability of success increased when intervention was coordinated and when the dollar amount was large.

Suggested Citation

  • Owen F. Humpage, 1996. "U.S. intervention: assessing the probability of success," Working Papers (Old Series) 9608, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:9608
    DOI: 10.26509/frbc-wp-199608
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    References listed on IDEAS

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    1. Dominguez, Kathryn M., 1998. "Central bank intervention and exchange rate volatility1," Journal of International Money and Finance, Elsevier, vol. 17(1), pages 161-190, February.
    2. Gordon H. Sellon, 1994. "Measuring monetary policy," Research Working Paper 94-12, Federal Reserve Bank of Kansas City.
    3. Edison, H.J., 1993. "The Effectiveness of Central-Bank Intervention: A Survey of the Litterature after 1982," Princeton Studies in International Economics 18, International Economics Section, Departement of Economics Princeton University,.
    4. Owen F. Humpage, 1988. "Intervention and the dollar's decline," Economic Review, Federal Reserve Bank of Cleveland, vol. 24(Q II), pages 2-16.
    5. 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.
    6. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    7. Donald B. Adams & Dale W. Henderson, 1983. "Definition and measurement of exchange market intervention," Staff Studies 126, Board of Governors of the Federal Reserve System (U.S.).
    8. Eijffinger, S.C.W., 1991. "Empirical evidence on foreign exchange market intervention : Where do we stand?," Other publications TiSEM e280156a-07fa-4c3e-aa4f-6, Tilburg University, School of Economics and Management.
    9. Rebecca Wetmore Humes & William P. Osterberg, 1993. "The inaccuracy of newspaper reports of U.S. foreign exchange intervention," Economic Review, Federal Reserve Bank of Cleveland, vol. 29(Q IV), pages 25-33.
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