English, Article, Journal or magazine article edition: Intervention Policy of the BoJ: a Unified Approach. Michel Beine; Oscar Bernal; Jean-Yves Gnabo; ...

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Bookmark: http://trove.nla.gov.au/version/111313
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Intervention Policy of the BoJ: A Unified Approach
Author
  • Michel Beine
  • Oscar Bernal
  • Jean-Yves Gnabo
  • Christelle Lecourt
Physical Description
  • preprint
Notes
  • RePEc:sol:wpaper:07-013
  • Central bank interventions; Exchange rates market; Secrecy puzzle; Nested logit
  • RePEc:dul:wpaper:06-15rs
  • RePEc:crf:wpaper:07-19
  • Intervening in the FX market implies a complex decision process for central banks. Monetary authorities have to decide whether to intervene or not, and if so, when and how. Since the successive steps of this procedure are likely to be highly interdependent, we adopt a nested logit approach to capture their relationships and to characterize the prominent features of the various steps of the intervention decision. Our findings shed some light on the determinants of central bank interventions, on the so-called secrecy puzzle and on the identification of the variables influencing the detection of foreign exchange transactions by market traders.
  • FX intervention, secrecy puzzle, market detection, nested logit
  • RePEc:ces:ceswps:_1894
Language
  • English
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