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The Resource Does foreign exchange intervention work?, Kathryn M. Dominguez, Jeffrey A. Frankel

Does foreign exchange intervention work?, Kathryn M. Dominguez, Jeffrey A. Frankel

Creator
Contributor
Summary
  • 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 the 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
Language
eng
Work
Publication
Extent
xii, 170 pages
Note
"September 1993."
Contents
  • p. 5.
  • Implications for Policy
  • p. 135.
  • Appendix.
  • Exchange Rate Policy News Reports, by Date and Source, 1983-9
  • p. 149
  • The
  • Late 1970s: Talking Down, and then Rescuing, the Dollar
  • p. 6.
  • The
  • First Reagan Administration (1981-84)
  • p. 7.
  • Managing the Dollar (1985-91)
  • p. 11.
  • 2.
  • Introduction: New Data to Consider an Old Question
  • Does a Free-Floating System Work Well?
  • p. 29.
  • Arguments over Free-Floating Exchange Rates
  • p. 29.
  • Real Effects of Exchange Rate Volatility
  • p. 31.
  • Have Exchange Rates Behaved as They Were Supposed To?
  • p. 35.
  • Chartists and Fundamentalists
  • p. 41.
  • p. 1.
  • 3.
  • Policy Issues
  • p. 45.
  • Is an Independent Policy Tool Needed?
  • p. 45.
  • How Foreign Exchange Intervention Policy Is Made
  • p. 48.
  • 4.
  • Intervention Categorized and Defined
  • p. 55.
  • 1.
  • Sterilized Versus Nonsterilized Intervention
  • p. 55.
  • Implications of Current Asset Supply Changes for Expectations
  • p. 59.
  • Public Versus Secret Intervention
  • p. 59.
  • Concerted Versus Unilateral Intervention
  • p. 62.
  • Leaning Against the Wind Versus With The Wind
  • p. 63.
  • A
  • Transactions Undertaken by the Central Bank for Customers
  • p. 64.
  • Transactions by Other Government Funds and Agencies
  • p. 65.
  • Foreign- and Domestic-Currency Assets Sold by Other Countries
  • p. 66.
  • Other Technical Issues of Definition
  • p. 66.
  • 5.
  • The
  • Brief History of Intervention Since 1973
  • Data on Intervention
  • p. 69.
  • Available, Unavailable, and Newly Available
  • p. 69.
  • Do Market Participants Know When Central Banks Intervene?
  • p. 72.
  • When and Why Has the US Intervened?
  • p. 74.
  • When and Why Have Other Major Countries Intervened?
  • p. 82.
  • p. 5.
  • The
  • Tendency to Sterilize
  • p. 87.
  • The
  • Scale of Intervention
  • p. 88.
  • The
  • Relationship between Intervention and Exchange Rates
  • p. 89.
  • 6.
  • The
  • Assessing Intervention's Effectiveness
  • p. 103.
  • Estimating Effects of Asset Supplies on the Exchange Rate
  • p. 103.
  • Estimating Effects of Intervention on the Risk Premium
  • p. 105.
  • Estimating How Expectations Are Formed
  • p. 109.
  • 7.
  • Intervention in the 1980s: The Results
  • Start of the Floating-Rate Era
  • p. 111.
  • The
  • Effect of News
  • p. 111.
  • Estimation of the Risk Premium Effect
  • p. 127.
  • A
  • Quantitative Summary of the Estimated Effects
  • p. 131.
  • 8.
Isbn
9780881321043
Instance
Label
Does foreign exchange intervention work?
Title
Does foreign exchange intervention work?
Statement of responsibility
Kathryn M. Dominguez, Jeffrey A. Frankel
Creator
Contributor
Subject
Language
eng
Summary
  • 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 the 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
Cataloging source
DLC
http://library.link/vocab/creatorName
Dominguez, Kathryn M
Illustrations
illustrations
Index
index present
LC call number
HG3903
LC item number
.D65 1993
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/relatedWorkOrContributorName
Frankel, Jeffrey A
http://library.link/vocab/subjectName
  • Foreign exchange administration
  • Foreign exchange administration
  • Monetary policy
Label
Does foreign exchange intervention work?, Kathryn M. Dominguez, Jeffrey A. Frankel
Instantiates
Publication
Note
"September 1993."
Bibliography note
Includes bibliographical references (pages 141-147) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • p. 5.
  • Implications for Policy
  • p. 135.
  • Appendix.
  • Exchange Rate Policy News Reports, by Date and Source, 1983-9
  • p. 149
  • The
  • Late 1970s: Talking Down, and then Rescuing, the Dollar
  • p. 6.
  • The
  • First Reagan Administration (1981-84)
  • p. 7.
  • Managing the Dollar (1985-91)
  • p. 11.
  • 2.
  • Introduction: New Data to Consider an Old Question
  • Does a Free-Floating System Work Well?
  • p. 29.
  • Arguments over Free-Floating Exchange Rates
  • p. 29.
  • Real Effects of Exchange Rate Volatility
  • p. 31.
  • Have Exchange Rates Behaved as They Were Supposed To?
  • p. 35.
  • Chartists and Fundamentalists
  • p. 41.
  • p. 1.
  • 3.
  • Policy Issues
  • p. 45.
  • Is an Independent Policy Tool Needed?
  • p. 45.
  • How Foreign Exchange Intervention Policy Is Made
  • p. 48.
  • 4.
  • Intervention Categorized and Defined
  • p. 55.
  • 1.
  • Sterilized Versus Nonsterilized Intervention
  • p. 55.
  • Implications of Current Asset Supply Changes for Expectations
  • p. 59.
  • Public Versus Secret Intervention
  • p. 59.
  • Concerted Versus Unilateral Intervention
  • p. 62.
  • Leaning Against the Wind Versus With The Wind
  • p. 63.
  • A
  • Transactions Undertaken by the Central Bank for Customers
  • p. 64.
  • Transactions by Other Government Funds and Agencies
  • p. 65.
  • Foreign- and Domestic-Currency Assets Sold by Other Countries
  • p. 66.
  • Other Technical Issues of Definition
  • p. 66.
  • 5.
  • The
  • Brief History of Intervention Since 1973
  • Data on Intervention
  • p. 69.
  • Available, Unavailable, and Newly Available
  • p. 69.
  • Do Market Participants Know When Central Banks Intervene?
  • p. 72.
  • When and Why Has the US Intervened?
  • p. 74.
  • When and Why Have Other Major Countries Intervened?
  • p. 82.
  • p. 5.
  • The
  • Tendency to Sterilize
  • p. 87.
  • The
  • Scale of Intervention
  • p. 88.
  • The
  • Relationship between Intervention and Exchange Rates
  • p. 89.
  • 6.
  • The
  • Assessing Intervention's Effectiveness
  • p. 103.
  • Estimating Effects of Asset Supplies on the Exchange Rate
  • p. 103.
  • Estimating Effects of Intervention on the Risk Premium
  • p. 105.
  • Estimating How Expectations Are Formed
  • p. 109.
  • 7.
  • Intervention in the 1980s: The Results
  • Start of the Floating-Rate Era
  • p. 111.
  • The
  • Effect of News
  • p. 111.
  • Estimation of the Risk Premium Effect
  • p. 127.
  • A
  • Quantitative Summary of the Estimated Effects
  • p. 131.
  • 8.
Control code
27430868
Dimensions
23 cm
Extent
xii, 170 pages
Isbn
9780881321043
Isbn Type
(pbk.)
Lccn
93002923
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
Other physical details
illustrations
Label
Does foreign exchange intervention work?, Kathryn M. Dominguez, Jeffrey A. Frankel
Publication
Note
"September 1993."
Bibliography note
Includes bibliographical references (pages 141-147) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • p. 5.
  • Implications for Policy
  • p. 135.
  • Appendix.
  • Exchange Rate Policy News Reports, by Date and Source, 1983-9
  • p. 149
  • The
  • Late 1970s: Talking Down, and then Rescuing, the Dollar
  • p. 6.
  • The
  • First Reagan Administration (1981-84)
  • p. 7.
  • Managing the Dollar (1985-91)
  • p. 11.
  • 2.
  • Introduction: New Data to Consider an Old Question
  • Does a Free-Floating System Work Well?
  • p. 29.
  • Arguments over Free-Floating Exchange Rates
  • p. 29.
  • Real Effects of Exchange Rate Volatility
  • p. 31.
  • Have Exchange Rates Behaved as They Were Supposed To?
  • p. 35.
  • Chartists and Fundamentalists
  • p. 41.
  • p. 1.
  • 3.
  • Policy Issues
  • p. 45.
  • Is an Independent Policy Tool Needed?
  • p. 45.
  • How Foreign Exchange Intervention Policy Is Made
  • p. 48.
  • 4.
  • Intervention Categorized and Defined
  • p. 55.
  • 1.
  • Sterilized Versus Nonsterilized Intervention
  • p. 55.
  • Implications of Current Asset Supply Changes for Expectations
  • p. 59.
  • Public Versus Secret Intervention
  • p. 59.
  • Concerted Versus Unilateral Intervention
  • p. 62.
  • Leaning Against the Wind Versus With The Wind
  • p. 63.
  • A
  • Transactions Undertaken by the Central Bank for Customers
  • p. 64.
  • Transactions by Other Government Funds and Agencies
  • p. 65.
  • Foreign- and Domestic-Currency Assets Sold by Other Countries
  • p. 66.
  • Other Technical Issues of Definition
  • p. 66.
  • 5.
  • The
  • Brief History of Intervention Since 1973
  • Data on Intervention
  • p. 69.
  • Available, Unavailable, and Newly Available
  • p. 69.
  • Do Market Participants Know When Central Banks Intervene?
  • p. 72.
  • When and Why Has the US Intervened?
  • p. 74.
  • When and Why Have Other Major Countries Intervened?
  • p. 82.
  • p. 5.
  • The
  • Tendency to Sterilize
  • p. 87.
  • The
  • Scale of Intervention
  • p. 88.
  • The
  • Relationship between Intervention and Exchange Rates
  • p. 89.
  • 6.
  • The
  • Assessing Intervention's Effectiveness
  • p. 103.
  • Estimating Effects of Asset Supplies on the Exchange Rate
  • p. 103.
  • Estimating Effects of Intervention on the Risk Premium
  • p. 105.
  • Estimating How Expectations Are Formed
  • p. 109.
  • 7.
  • Intervention in the 1980s: The Results
  • Start of the Floating-Rate Era
  • p. 111.
  • The
  • Effect of News
  • p. 111.
  • Estimation of the Risk Premium Effect
  • p. 127.
  • A
  • Quantitative Summary of the Estimated Effects
  • p. 131.
  • 8.
Control code
27430868
Dimensions
23 cm
Extent
xii, 170 pages
Isbn
9780881321043
Isbn Type
(pbk.)
Lccn
93002923
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
Other physical details
illustrations

Subject

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