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Person

Alain P. Chaboud

Contributing Author

Alain P. Chaboud is a contributing author of the Board of Governors of the Federal Reserve System.

    • Working Papers

      • Working Paper
        An Analysis of Japanese Foreign Exchange Interventions
        Alain P. Chaboud Owen F. Humpage
        10.09.2003 | WP 03-09
        The effectiveness of Japanese interventions over the past decade depended in large part on the frequency and size of the transactions. Prior to June 1995, Japanese interventions only had value as a forecast that the previous day's yen appreciation or depreciation would moderate during the current day. After June 1995, Japanese purchases of dollars had value as a forecast that the yen would depreciate. Probit analysis confirms that large, infrequent interventions, which characterized the later period, had a higher likelihood of success than small, frequent interventions.