| Does Foreign Exchange Intervention Work? Contributor(s): Dominguez, Kathryn (Author), Frankel, Jeffrey (Author) |
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ISBN: 0881321044 ISBN-13: 9780881321043 Publisher: Peterson Institute for International Economic OUR PRICE: $17.82 Product Type: Paperback - Other Formats Published: September 1993 |
| Additional Information |
| BISAC Categories: - Business & Economics | Foreign Exchange - Business & Economics | International - Economics - Business & Economics | Money & Monetary Policy |
| Dewey: 332.456 |
| LCCN: 93002923 |
| Physical Information: 0.42" H x 6.11" W x 9.14" (0.62 lbs) 192 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: How much impact on exchange rates do central banks have when they buy and sell currencies? According to many analysts, such intervention has no independent impact. This book challenges the conventional wisdom, demonstrating that such intervention can be an effective and extremely important tool for policymakers. Using previously unavailable daily intervention data from the US Federal Reserve and German Bundesbank, the authors show that even "sterilized" intervention -intervention that entails no corresponding changes in monetary policy- has a significant effect. A key element is whether the intervention is known to the public: widespread market awareness of the activity adds substantially to its payoff. Authors Dominguez and Frankel draw implications for intervention policy and its role in international economic policy coordination. |
