EconPapers    
Economics at your fingertips  
 

Intervention policy of the BoJ: a unified approach

Michel Beine (), Oscar Bernal, Jean-Yves Gnabo () and Christelle Lecourt

No 06-15.RS, DULBEA Working Papers from ULB -- Universite Libre de Bruxelles

Abstract: Intervening in the FX market implies a complex decision process for central banks. Monetary authorities have to decide whether to intervene or not, and if so, when and how. Since the successive steps of this procedure are likely to be highly interdependent, we adopt a nested logit approach to capture their relationships and to characterize the prominent features of the various steps of the intervention decision. Our findings shed some light on the determinants of central bank interventions, on the so-called secrecy puzzle and on the identification of the variables influencing the detection of foreign exchange transactions by market traders.

Keywords: Central bank interventions; Exchange rates market; Secrecy puzzle; Nested logit (search for similar items in EconPapers)
JEL-codes: E58 F31 G15 (search for similar items in EconPapers)
Date: 2006-11
New Economics Papers: this item is included in nep-cba, nep-dcm, nep-ifn, nep-mac, nep-mon and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (32) Track citations by RSS feed

Published by: DULBEA - Université Libre de Bruxelles, Department of Applied Economics

Downloads: (external link)
https://dipot.ulb.ac.be/dspace/bitstream/2013/10517/1/mb-0056.pdf mb-0056 (application/pdf)

Related works:
Journal Article: Intervention policy of the BoJ: A unified approach (2009) Downloads
Working Paper: Intervention Policy of the BoJ: A Unified Approach (2007) Downloads
Working Paper: Intervention Policy of the BoJ: a Unified Approach (2007) Downloads
Working Paper: Intervention Policy of the BoJ: a Unified Approach (2007) Downloads
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: https://EconPapers.repec.org/RePEc:dul:wpaper:06-15rs

Ordering information: This working paper can be ordered from
http://hdl.handle.ne ... ulb.ac.be:2013/10517

Access Statistics for this paper

More papers in DULBEA Working Papers from ULB -- Universite Libre de Bruxelles Contact information at EDIRC.
Bibliographic data for series maintained by Benoit Pauwels ().

 
Page updated 2021-07-22
Handle: RePEc:dul:wpaper:06-15rs