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The rise and fall of foreign exchange market intervention

Author: Anna Jacobson Schwartz; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2000.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7751.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: The premise of the paper is that the fervor for foreign exchange market intervention by U.S, and European monetary authorities has ebbed in recent years. A pattern of initial belief in the effectiveness of foreign exchange market intervention has recently been eroded, as is revealed by the absence of intervention in circumstances that in earlier times would have invoked it. Only the Bank of Japan among  Read more...
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Additional Physical Format: Print version:
Schwartz, Anna Jacobson.
Rise and fall of foreign exchange market intervention.
Cambridge, MA : National Bureau of Economic Research, ©2000
(OCoLC)44613809
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Anna Jacobson Schwartz; National Bureau of Economic Research.
OCLC Number: 647033120
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (36 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7751.
Other Titles: Foreign exchange market intervention
Responsibility: Anna J. Schwartz.

Abstract:

Abstract: The premise of the paper is that the fervor for foreign exchange market intervention by U.S, and European monetary authorities has ebbed in recent years. A pattern of initial belief in the effectiveness of foreign exchange market intervention has recently been eroded, as is revealed by the absence of intervention in circumstances that in earlier times would have invoked it. Only the Bank of Japan among central banks of the developed world has not thusfar abandoned its faith that intervention can change the relative value of the yen as determined by market forces to conform with its notion of what that value should be. To explain why U.S. and European monetary authorities no longer believe that intervention is a tool that works, I review the equivocal record of past episodes, the inconclusive results of empirical research, and the problems of implementation that intervention advocates ignore.

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