The Design of Effective Central Bank Interventions: The yen/dollar case.
This paper explores the effects of the interventions of the Bank of Japan on the level and volatility of the yen/dollar exchange rate. A special attention is devoted to the prominent features affecting the signal conveyed by these interventions. The results show a clear duality: small unilateral interventions are counterproductive while large and isolated ones influence the foreign exchange market in the desired directions. It is also found that perverse effects are avoided through coordinated operations.
Central bank intervention, Signalling channel, Foreign exchange market, Exchange rates.
In order to set up a list of libraries that you have access to,
you must first login
or sign up.
Then set up a personal list of libraries from your profile page by
clicking on your user name at the top right of any screen.