We show significant US monetary policy (MP) spillovers to international bond markets. Our
methodology identifies US MP shocks as the change in short-term Treasury yields around …

We show that there is a distinct commodity-related driver of exchange rate movements, even
at fairly high frequencies. Commodity prices predict exchange rate movements of eleven …

Abstract Since the Great Financial Crisis, emerging market economies have been more
active in FX markets. As rising dollar debt and increased exposure to global financing flows …

This chapter surveys the empirical evidence on the effectiveness of foreign exchange
intervention. There is an inherent identification problem when estimating the effect of …

Abstract Since the Global Financial Crisis in 2008, emerging market economies' central
banks have started to use foreign exchange derivative instruments frequently in exchange …

Foreign exchange intervention is an important tool for central banks in many emerging
market economies (EMEs). Drawing on a recent survey of 21 EME central banks as well as …

This paper examines the effects of foreign exchange (FX) communications on FX markets in
Colombia and Mexico. Our estimations follow the calendar-time portfolio approach using …

We analyze the impact of euro zone/German and US macroeconomic news announcements
and the communication of the monetary policy settings of the ECB and the Fed on the forex …

This work aims to analyze the interventions conducted by the Central Bank of Brazil in the
Brazilian foreign exchange market from 2003 to 2014. For this purpose, we use quantile …

In this paper, we study the effectiveness of FX interventions in Chile since adopting a fully
flexible exchange rate regime in the late 1990s. In particular, we ask whether these …