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Is official exchange rate intervention effective?

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Taylor, Mark P. (2004) Is official exchange rate intervention effective? Economica, 71 (281). pp. 1-11. doi:10.1111/j.0013-0427.2004.00354.x

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Official URL: http://www.jstor.org/stable/3549165

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Abstract

I examine the effectiveness of exchange rate intervention 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, I find that intervention increases the probability of stability when the rate is misaligned, and that its influence grows with the degree of misalignment. However, intervention within a small neighbourhood of equilibrium will result in a greater probability of instability.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
Divisions: Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Economica
Publisher: Blackwell Publishing
ISSN: 0013-0427
Official Date: February 2004
Dates:
DateEvent
February 2004Published
Volume: 71
Number: 281
Number of Pages: 11
Page Range: pp. 1-11
DOI: 10.1111/j.0013-0427.2004.00354.x
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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