Devisenmarktoperationen und Informationspolitik der Europäischen Zentralbank

Michael Frenkel, Christian Pierdzioch and Georg Stadtmann

Perspektiven der Wirtschaftspolitik, 2002, vol. 3, issue 1, 49-68

Abstract: This paper analyzes the effectiveness of the foreign exchange market interventions of the European Central Bank (ECB) by studying the information policy of the ECB and examining whether the ECB relied on a specific transmission channel to influence exchange rates. Against the background of a discussion of the transmission channels through which foreign exchange market interventions of central banks may affect exchange rates, we are led to the conclusion that the information policy of the ECB was not in line with the assumptions underlying the transmission channels discussed in the theoretical literature. We argue that this finding could provide a possible explanation for the ineffectiveness of the ECB’s foreign exchange market intervention in the fall of 2000.

Date: 2002
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