search query: @indexterm exchange rates / total: 1242
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| Author: | Fratzscher, M. |
| Title: | Oral interventions versus actual interventions in fx markets - an event-study approach |
| Journal: | Economic Journal
2008 : JUL, VOL. 118:530, p. 1079-1106 |
| Index terms: | event studies exchange rates monetary policy |
| Freeterms: | intervention |
| Language: | eng |
| Abstract: | It is assessed here whether exchange rate communication - or oral intervention - has been an effective policy tool for monetary authorities to have an impact on exchange rates. An event-study methodology that identifies intervention clusters or events is employed. It is found for the euro-dollar and the dollar-yen exchange rates that both oral intervention events and actual intervention events have been highly successful over the short medium-run. It is shown that the success of intervention events is related to market conditions and to the coordination among policy makers. |
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