Skip to:
  1. Main navigation
  2. Main content
  3. Footer
Working Paper

Government Intervention in the Foreign Exchange Market

Download pdf
This article offers a survey of the literature on foreign exchange intervention, including sections on the theoretical channels through which intervention might affect exchange rates and a summary of the empirical findings. The survey emphasizes that intervention is intended to provide monetary authorities with an means of influencing their exchange rates independent from monetary policy, and tends to evaluate theoretical channels and empirical results from this perspective.
11.15.2003ISSN 2573-7953 WP 03-15DOI 10.26509/frbc-wp-200315
Keywords foreign-exchange intervention, survey, empirical results
JEL Classification Codes F3

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

Humpage, Owen F. 2003. “Government Intervention in the Foreign Exchange Market.” Federal Reserve Bank of Cleveland, Working Paper No. 03-15. https://doi.org/10.26509/frbc-wp-200315