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Working Paper

Intervention as Information: A Survey

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Research has generally failed to find reliable connections between official exchange-market interventions and exchange rates that are consistent with either a monetary or a portfolio-balance theory of exchange-rate determination. Recently economists have suggested that intervention might sometimes influence exchange rates through its effects on agents’ expectations. This survey discusses newer research that analyzes informational aspects of intervention.
12.01.1999ISSN 2573-7953 WP 99-18DOI 10.26509/frbc-wp-199918

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

Suggested Citation

Baillie, Richard, Owen F. Humpage, and William P. Osterberg. 1999. “Intervention as Information: A Survey.” Federal Reserve Bank of Cleveland, Working Paper No. 99-18. https://doi.org/10.26509/frbc-wp-199918