Working Paper
Intervention as information: a survey
Abstract: Research has generally failed to find reliable connections between official exchange-market interventions and exchange rates that are consistent with either a monetary or a portfolio-balance theory of exchange-rate determination. Recently economists have suggested that intervention might sometimes influence exchange rates through its effects on agents? expectations. This survey discusses newer research that analyzes informational aspects of intervention.
https://doi.org/10.26509/frbc-wp-199918
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 1999
Number: 9918