Foreign exchange intervention redux
Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it...
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Banco Central de Chile
2019
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oai-20.500.12580-38702021-04-24T11:14:41Z Foreign exchange intervention redux Chang, Roberto MACROECONOMÍA Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it virtually useless as an independent macroeconomic policy tool. Indeed a large body of empirical literature has struggled to find a consistent link between FX intervention and macroeconomic aggregates including exchange rates. From a theory perspective this is hardly surprising especially since modern dynamic macroeconomic models often predict that FX intervention should be irrelevant (Backus and Kehoe 1989). 2019-11-01T00:08:35Z 2019-11-01T00:08:35Z 2019 Artículo 978-956-7421-60-2 https://hdl.handle.net/20.500.12580/3870 eng Series on Central Banking Analysis and Economic Policies no. 26 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 205-247 application/pdf Banco Central de Chile |
| institution |
Banco Central |
| collection |
Banco Central |
| language |
eng |
| topic |
MACROECONOMÍA |
| spellingShingle |
MACROECONOMÍA Chang, Roberto Foreign exchange intervention redux |
| description |
Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it virtually useless as an independent macroeconomic policy tool. Indeed a large body of empirical literature has struggled to find a consistent link between FX intervention and macroeconomic aggregates including exchange rates. From a theory perspective this is hardly surprising especially since modern dynamic macroeconomic models often predict that FX intervention should be irrelevant (Backus and Kehoe 1989). |
| format |
Artículo |
| author |
Chang, Roberto |
| author_facet |
Chang, Roberto |
| author_sort |
Chang, Roberto |
| title |
Foreign exchange intervention redux |
| title_short |
Foreign exchange intervention redux |
| title_full |
Foreign exchange intervention redux |
| title_fullStr |
Foreign exchange intervention redux |
| title_full_unstemmed |
Foreign exchange intervention redux |
| title_sort |
foreign exchange intervention redux |
| publisher |
Banco Central de Chile |
| publishDate |
2019 |
| url |
https://hdl.handle.net/20.500.12580/3870 |
| work_keys_str_mv |
AT changroberto foreignexchangeinterventionredux |
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