An Estimation of Target Effective Exchange Rates: The Case of the U.S

Nicholas Apergis ()

The American Economist, 1992, vol. 36, issue 1, 22-28

Abstract: This paper derives optimal effective exchange rates, via loss-function minimization, for the US economy. The results attract considerable research interest; although it is generally believed that policy makers intervene only in infrequent emergency occasions in the foreign exchange market, this paper shows that the contrary is true; the US foreign exchange market is characterized by frequent central bank intervention.

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:sae:amerec:v:36:y:1992:i:1:p:22-28

DOI: 10.1177/056943459203600105

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