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Working Paper
More on the differences between reported and actual U.S. central bank foreign exchange intervention
Osterberg, William P.; Humes, Rebecca Wetmore (1995)
An analysis of the differential impacts of reported and actual U.S. foreign exchange intervention on the mean and conditional variance of the Deutschemark-to-dollar and yen-to-dollar exchange rates. For part of the sample period, the impact of intervention on the variance of the exchange rates is shown to depend on whether the intervention was reported.
Working Papers (Old Series) , Paper 9501

Working Paper
Yen bloc or dollar bloc: exchange rate policies of the East Asian economies
Frankel, Jeffrey A.; Wei, Shang-Jin (1992)
Pacific Basin Working Paper Series , Paper 93-01

Report
On the denomination of government debt: a critique of the portfolio balance approach
Kehoe, Patrick J.; Backus, David K. (1988)
We show that some classes of sterilized interventions have no effect on equilibrium prices and quantities. The proof does not require complete markets, Ricardian equivalence, monetary neutrality, or the law of one price. Moreover, regressions of exchange rates or interest differentials on variables measuring debt?s currency composition contain no information about the effectiveness of such interventions. Other interventions require changes in monetary and fiscal policy; their effects depend, generally, on the influence of these changes on the economy and not on the intervention alone. In ...
Staff Report , Paper 116

Journal Article
The quest for sound money: currency boards to the rescue
Fieleke, Norman S. (1992-11)
Some countries with high inflation have adopted another nations more stable currency: Panama uses the U.S. dollar, gaining price stability and easier trade with its primary partner. But this arrangement grants an interest-free loan to the government whose currency is used. And the nation using the currency forgoes any income on the foreign currency holdings. ; One alternative, a currency board, achieves the other countrys monetary stability without these costs. Currency boards issue a domestic currency in return for the foreign currency, at a fixed exchange rate. Boards also hold assets ...
New England Economic Review , Issue Nov , Pages 14-24

Journal Article
A currency board for Indonesia?
Spiegel, Mark M. (1998)
FRBSF Economic Letter

Working Paper
Exchange rate policy and insulation from external shocks: the experiences of Taiwan and Korea, 1970-1990
Moreno, Ramon (1993)
Pacific Basin Working Paper Series , Paper 93-05

Journal Article
Stabilizing the dollar: what are the alternatives?
Wong, David Y. (1989-03)
Business Review , Issue Mar , Pages 13-23

Conference Paper
Trade price shocks and insulation: Australia's experience with floating rates
Pitchford, John (1992-09)
Proceedings , Issue Sep

Working Paper
Daily Bundesbank and Federal Reserve intervention and the conditional variance tale in DM/$-returns
Almekinders, Geert J.; Eijffinger, Sylvester C. W. (1992)
This paper reports on the results of an empirical investigation into the objectives of daily foreign exchange market intervention by the Deutsche Bundesbank and the Federal Reserve System in the U.S. dollar-deutsche mark market. Tobit analysis is implemented to estimate the intervention reaction functions consistently. It is found that an increase in the conditional variance in daily exchange rate returns derived from a GARCH model estimated in the paper, led the Bundesbank and the Federal Reserve to increase the volume of intervention, both in case of dollar-sales and purchases on account of ...
International Finance Discussion Papers , Paper 438

Working Paper
Exchange-rate based inflation stabilization: the initial real effects of credible plans
Uribe, Martin (1995)
This paper presents a dynamic general equilibrium model of a small, open, monetary economy in order to analyze the short-run effects of credible stabilization plans that fix the nominal exchange rate in a regime of free convertibility. In this model inflation acts as a tax on domestic market transactions. In particular, it generates a wedge between the rate of return on investment in domestic capital and the rate of return on investment in foreign assets. The model stresses the importance of adjustment costs (including gestation lags) in explaining the precise character of the initial ...
International Finance Discussion Papers , Paper 503

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