登入
選單
返回
Google圖書搜尋
Does Foreign Exchange Intervention Work?
Kathryn M. Dominguez
Jeffrey A. Frankel
出版
Institute for International Economics
, 1993
主題
Business & Economics / General
Business & Economics / Foreign Exchange
Business & Economics / International / General
Business & Economics / Money & Monetary Policy
Business & Economics / International / Economics & Trade
Political Science / Public Policy / Economic Policy
ISBN
0881321044
9780881321043
URL
http://books.google.com.hk/books?id=6B-4AAAAIAAJ&hl=&source=gbs_api
註釋
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.