Are successful interventions random events?

Owen Humpage

Economic Commentary, 1996, issue Mar

Abstract: An examination of the Federal Reserve's intervention successes in the late 1980s, showing that, although the characteristic day-to-day fluctuations in exchange rates virtually ensured that a large share of these interventions would appear successful--purely by chance and even in the absence of a causal link--the number of successes proved larger than pure randomness would suggest.

Keywords: Foreign; exchange; -; Law; and; legislation (search for similar items in EconPapers)
Date: 1996
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