Foreign Exchange Intervention as a Monetary Policy Instrument

Foreign Exchange Intervention as a Monetary Policy Instrument

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Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.Many of them use chart analysis for the short term prediction of exchange rate movements. ... them uses technical analysis for exchange rate determination ( while Cheung and Chinn (2001) report that technical trading describes about 30 % of trading behaviour, Taylor and ... (2000) provide evidence of the existence of chartist traders in the foreign exchange markets of Australia, Canada and New Zealand.

Title:Foreign Exchange Intervention as a Monetary Policy Instrument
Author: Felix Hüfner
Publisher:Springer Science & Business Media - 2012-12-06

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