Intervention and the Dollar
Does U.S. intervention have a lasting effect on the foreign-exchange value of the dollar that is independent of monetary policy actions? The author examines evidence from a recent study of U.S. intervention during a three-year period and discusses the relationship between intervention and exchange rates.
The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.