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Interdependencies between Monetary Policy and Foreign Exchange Intervention under Inflation Targeting: The Case of Brazil and the Czech Republic

Jean-Yves Gnabo (), Luiz de Mello and Diego Moccero ()

No RP2008-95, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The bulk of recent literature on foreign exchange interventions has overlooked the potential interdependencies that may exist between these operations and the conduct of monetary policy. This is the case even under inflation targeting and especially in emerging-market economies, because central banks often explicitly reserve the right to intervene to calm disorderly markets and to accumulate foreign reserves, and when the exchange rate is perceived as being out of step with fundamentals.

Keywords: Banks and banking; Central; Foreign exchange; Monetary policy (search for similar items in EconPapers)
Date: 2008
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Related works:
Journal Article: Interdependencies between Monetary Policy and Foreign Exchange Interventions under Inflation Targeting: The Case of Brazil and the Czech Republic (2010) Downloads
Working Paper: Interdependencies between Monetary policy and Foreign-Exchange Intervention under Inflation Targeting: The Case of Brazil and the Czech Republic (2008) Downloads
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