Oral Interventions Versus Actual Interventions in Fx Markets – An Event-Study Approach  

Oleh:

Fratzscher, Marcel

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 118 no. 530 (Jul. 2008), page 1079.
Topik: Oral Interventions; Actual Interventions; Fx Markets; Policy Makers
Fulltext: 1079.pdf (244.46KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.28 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The article assesses whether exchange rate communication – or oral intervention – has been an effective policy tool for monetary authorities to influence exchange rates. It employs an event-study methodology that identifies intervention clusters or events. For the euro–dollar and the dollar–yen exchange rates, the article finds that both oral intervention events and actual intervention events have been highly successful over the short to medium-run. The article shows that the success of intervention events is related to market conditions and to the coordination among policy makers. It also finds that the success of communication and actual interventions is largely unrelated to monetary policy, thus suggesting that interventions primarily function through a coordination channel.

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