search query: @author Taylor, M.P. / total: 4
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| Author: | Taylor, M.P. |
| Title: | Is official exchange rate intervention effective? |
| Journal: | Economica
2004 : FEB, VOL. 71:281, p. 1-11 |
| Index terms: | Effectiveness Exchange rates |
| Language: | eng |
| Abstract: | The effectiveness of exchange rate intervention is examined within the context of a Markov-switching model for the real exchange rate. The probability of switching between stable and unstable regimes depends nonlinearly upon the amount of intervention, the degree of misalignment and the duration of the regime. Applying this to dollar-mark data for the period 1985-98, it is found that intervention increases the probability of stability when the rate is misaligned, and that its influence grows with the degree of misalignment. |
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