Central bank authorities’ beliefs about foreign exchange intervention

Christopher Neely

No 2006-045, Working Papers from Federal Reserve Bank of St. Louis

Abstract: This paper presents the results of a survey of monetary authorities with respect to foreign exchange intervention. The survey offers evidence on new issues that would otherwise be difficult to investigate, such as response times, non-foreign exchange factors in intervention and profitability. The survey also reveals new evidence on previously studied issues, such as channels of effectiveness. Respondents disagreed with predominant views on intervention and volatility and common arguments against intervention. Exchange rate regimes explain central bank beliefs about important aspects of intervention, including factors that lead to detection of secret interventions and the potential profitability of intervention. ; Earlier title: Authorities' beliefs about foreign exchange intervention: getting back under the hood

Keywords: Foreign exchange; Banks and banking, Central (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-cba, nep-fmk, nep-ifn and nep-mon
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Citations: View citations in EconPapers (8)

Published in Journal of International Money and Finance, February 2008, 27(1), pp. 1-25

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Journal Article: Central bank authorities' beliefs about foreign exchange intervention (2008)
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