Intervention as information: a survey

Richard T. Baillie (), Owen F. Humpage and William P. Osterberg

No 9918, Working Paper from Federal Reserve Bank of Cleveland

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.

Keywords: Foreign; exchange; -; Law; and; legislation (search for similar items in EconPapers)
Date: Written 1999
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