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Working Paper

Government Intervention in the Foreign Exchange Market

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.

Suggested Citation

Humpage, Owen F. 2003. “Government Intervention in the Foreign Exchange Market.” Federal Reserve Bank of Cleveland, Working Paper No. 03-15.