Economics at your fingertips  

Exchange Rate Effects of Central Bank Interventions: An Analysis of Transaction Prices

Andreas Fischer () and Mathias Zurlinden

Economic Journal, 1999, vol. 109, issue 458, 662-76

Abstract: The impact of sterilised interventions by the Swiss National Bank on the Swiss franc/U.S. dollar exchange rate is examined for the 1986-94 period. The paper extends results from earlier studies by using the actual prices of interventions. Based on the fact that all Swiss National Bank interventions are announced, our test exploits the informational differences between interventions and customer transactions. A key finding is that only initial interventions matter; customer transactions and subsequent interventions have no influence.

Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (89) Track citations by RSS feed

Downloads: (external link) ... =458&year=&part=null link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.blackwell ... al.asp?ref=0013-0133

Access Statistics for this article

Economic Journal is currently edited by Martin Cripps, Steve Machin, Woulter den Haan, Andrea Galeotti, Rachel Griffith and Frederic Vermeulen

More articles in Economic Journal from Royal Economic Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and Christopher F. Baum ().

Page updated 2020-11-26
Handle: RePEc:ecj:econjl:v:109:y:1999:i:458:p:662-76