This article first reviews methods of foreign exchange intervention and then presents evidence - focusing on survey results - on the mechanics of such intervention. Types of intervention, instruments, timing, amounts, motivation, secrecy and perceptions of efficacy are discussed.Banks and banking, Central ; Foreign exchange ; Monetary policy

Christopher J. Neely

English

Research Papers in Economics

A Strategy for Accumulating Reserves through Options to Sell Dollars,”

An Introduction to Capital Controls,” Federal Reserve Bank of St. Louis Review, November/December

Available through the website of the Banco De Mexico,

Central Banks Use of Derivatives and Other Contingent Liabilities: Analytical Issues and Policy Implications,” IMF Working Paper 00-66,

Do Central Banks Lose on Foreign-Exchange Intervention? A Review Article,”

Does Foreign Exchange Intervention Work?

Does the Fed Beat the Foreign Exchange Market?”

Governors of the Federal Reserve System. “The Federal Reserve System: Purposes and Functions,” Washington DC, Eighth edition,

International Money and Finance, Fifth Edition,

Lessons from Thailand,” Federal Reserve Bank of San Francisco Economic Letter,

Noise Trader Risk

Official Intervention in the Exchange Markets: Stabilising or Destabilising?” Bank for International Settlements Economic Paper 6,

Peseta devalued by 8% in ERM: Lisbon realigns escudo as Madrid plans 1 point rate cut,”

Profitable Speculation, Price Stability, and Welfare,” International Finance Discussion Paper 54, Board of Governors of the Federal Reserve System,

Settlements. “Central Bank Survey of Foreign Exchange and Derivatives Market Activity,”

Spanish peseta; adios,”

Technical Analysis and the Effectiveness of Central Bank Intervention,”

The Advantage to Hiding One’s Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market,”

The Case for Flexible Exchange Rates,” Essays in Positive Economics,

The Determinants of Foreign Exchange Intervention by Central Banks: Evidence from Australia,”

The Effectiveness of Central-Bank Intervention: A Survey of the Literature After

The Exchange Rate and the Reserve Bank's Role in the Foreign Exchange Market,”

The Mismanaged Float: Official Intervention by the Industrialized Countries,” in The International Monetary System: Choices for the Future,

The Profitability of US Intervention in the Foreign Exchange Markets,”

The Temporal Pattern of Trading Rule Returns and Central Bank Intervention: Intervention Does Not Generate Trading Rule Profits,” Federal Reserve Bank of St. Louis Working Paper 2000-18B,

The practice of central bank intervention: looking under the hood

http://research.stlouisfed.org/wp/2000/2000-028.pdf

The practice of central bank intervention: looking under the hood

Abstract

Similar works

Full text

Available Versions

Research Papers in Economics