Two recent strands of research have contributed to our understanding of the effects of
foreign exchange intervention: 1) the use of high frequency data; 2) the use of event studies …

Monetary authorities in the G3 economies have shifted in recent years towards
communication as their primary policy tool to influence exchange rates. The paper assesses …

This paper examines dollar interventions by the G3 since 1989, and the reasons that trader
reactions to these interventions might differ over time and across central banks. Market …

This paper presents the results of a survey of monetary authorities with respect to foreign
exchange intervention. The survey offers evidence on new issues that would otherwise be …

We examine the presence or absence of asymmetric volatility in the exchange rates of
Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all …

Michael Bordo, Owen Humpage, and Anna Schwartz explore the evolution of exchange-
market policyprimarily foreign-exchange interventionin the United States. Based on decades …

Exchange rate communication has come to play an increasingly important role as a policy
tool for monetary authorities over the past decade. The paper assesses the strategies and …

There is ample empirical literature centering on the effectiveness of foreign exchange
intervention (FXI). Given the mix of objectives and country-heterogeneity, the general lack of …

As a considerable source of asymmetry in return volatility, this paper introduces asymmetric
herding and extends the continuous beliefs system to account for its asymmetry and derive …

Many central banks actively intervene in the forex market, although there is no consensus on
its impact on the exchange rate level and volatility. We analyze the effects of daily forex …