haku: @author Lewis, K. K. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Lewis, K. K. |
| Otsikko: | Are foreign exchange intervention and monetary policy related, and does it really matter? |
| Lehti: | Journal of Business
1995 : APR, VOL. 68:2, p. 185-214 |
| Asiasana: | FOREIGN EXCHANGE MONETARY POLICY MONEY SUPPLY |
| Kieli: | eng |
| Tiivistelmä: | The relationship between foreign exchange intervention and monetary policy underlies the question of whether sterilized interventions can affect the exchange rate. In this article this relationship is examined using data on U.S. foreign exchange interventions from 1985 to 1990, recently made publicly available. It is examined, whether interventions could be viewed as "signaling" changes in future monetary policy variables. It is also considered whether changes in monetary policy may induce interventions in an effort by central bankers to "lean against the wind" of exchange rate movements. Interestingly, the evidence will be found both that interventions help predict monetary policy variables and that monetary variables help predict interventions. |
SCIMA