A New Method For Identifying The Effects Of Foreign Exchange Intervention

A New Method for Identifying the Effects of Foreign Exchange Intervention PDF
Author: Chih-nan Chen
Publisher:
ISBN:
Size: 15.45 MB
Format: PDF, Kindle
Category : Foreign exchange
Languages : en
Pages : 30
View: 3910

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Book Description:

A New Method For Identifying The Effects Of Foreign Exchange Intervention

by Chih-nan Chen, A New Method For Identifying The Effects Of Foreign Exchange Intervention Book available in PDF, EPUB, Mobi Format. Download A New Method For Identifying The Effects Of Foreign Exchange Intervention books, "The monetary authorities react even to intraday changes in the exchange rate; however, in most cases, intervention data is available only at a daily frequency. This temporal aggregation makes it difficult to identify the effects of interventions on the exchange rate. We propose a new method based on Markov Chain Monte Carlo simulations to cope with this endogeneity problem: We use "data augmentation" to obtain intraday intervention amounts and then estimate the efficacy of interventions using the augmented data. Applying this method to Japanese data, we find that an intervention of one trillion yen moves the yen/dollar rate by 1.7 percent, which is more than twice as large as the magnitude reported in previous studies applying OLS to daily observations . This shows the quantitative importance of the endogeneity problem due to temporal aggregation."--Authors' abstract.







A New Method For Identifying The Effects Of Foreign Exchange Interventions

A New Method for Identifying the Effects of Foreign Exchange Interventions PDF
Author: Chih-nan Chen
Publisher:
ISBN:
Size: 62.40 MB
Format: PDF, Kindle
Category : Foreign exchange
Languages : en
Pages : 29
View: 776

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Book Description:

A New Method For Identifying The Effects Of Foreign Exchange Interventions

by Chih-nan Chen, A New Method For Identifying The Effects Of Foreign Exchange Interventions Book available in PDF, EPUB, Mobi Format. Download A New Method For Identifying The Effects Of Foreign Exchange Interventions books, The monetary authorities react even to intraday changes in the exchange rate; however, in most cases, intervention data is available only at a daily frequency. This temporal aggregation makes it difficult to identify the effects of interventions on the exchange rate. We propose a new method based on Markov Chain Monte Carlo simulations to cope with this endogeneity problem : We use "data augmentation" to obtain intraday intervention amounts and then estimate the efficacy of interventions using the augmented data. Applying this method to Japanese data, we find that an intervention of one trillion yen moves the yen/dollar rate by 1.7 percent, which is more than twice as large as the magnitude reported in previous studies applying OLS to daily observations . This shows the quantitative importance of the endogeneity problem due to temporal aggregation.







The Encyclopedia Of Central Banking

The Encyclopedia of Central Banking PDF
Author: Louis-Philippe Rochon
Publisher: Edward Elgar Publishing
ISBN: 1782547444
Size: 22.94 MB
Format: PDF, ePub, Mobi
Category : Banks and banking
Languages : en
Pages : 544
View: 1308

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Book Description:

The Encyclopedia Of Central Banking

by Louis-Philippe Rochon, The Encyclopedia Of Central Banking Book available in PDF, EPUB, Mobi Format. Download The Encyclopedia Of Central Banking books, The Encyclopedia of Central Banking, co-edited by Louis-Philippe Rochon and Sergio Rossi, contains some 250 entries written by over 200 economists on topics related to monetary macroeconomics, central bank theory and policy, and the history of monetary







Nber Reporter

NBER Reporter PDF
Author: National Bureau of Economic Research
Publisher:
ISBN:
Size: 39.91 MB
Format: PDF, Docs
Category : Economics
Languages : en
Pages :
View: 1678

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Nber Reporter

by National Bureau of Economic Research, Nber Reporter Book available in PDF, EPUB, Mobi Format. Download Nber Reporter books,







Annual Report Of The Executive Directors For The Fiscal Year

Annual Report of the Executive Directors for the Fiscal Year PDF
Author: International Monetary Fund
Publisher:
ISBN:
Size: 32.94 MB
Format: PDF, ePub
Category : Foreign exchange
Languages : en
Pages :
View: 971

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Annual Report Of The Executive Directors For The Fiscal Year

by International Monetary Fund, Annual Report Of The Executive Directors For The Fiscal Year Book available in PDF, EPUB, Mobi Format. Download Annual Report Of The Executive Directors For The Fiscal Year books,







Foreign Exchange Intervention In Inflation Targeters In Latin America

Foreign Exchange Intervention in Inflation Targeters in Latin America PDF
Author: Mr.Marcos d Chamon
Publisher: International Monetary Fund
ISBN: 1484393023
Size: 50.43 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 320
View: 6356

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Book Description:

Foreign Exchange Intervention In Inflation Targeters In Latin America

by Mr.Marcos d Chamon, Foreign Exchange Intervention In Inflation Targeters In Latin America Book available in PDF, EPUB, Mobi Format. Download Foreign Exchange Intervention In Inflation Targeters In Latin America books, Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.







Annual Report Of The Executive Board For The Financial Year Ended April 30

Annual Report of the Executive Board for the Financial Year Ended April 30     PDF
Author: International Monetary Fund
Publisher:
ISBN:
Size: 26.23 MB
Format: PDF
Category : Foreign exchange
Languages : en
Pages :
View: 5704

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Book Description:

Annual Report Of The Executive Board For The Financial Year Ended April 30

by International Monetary Fund, Annual Report Of The Executive Board For The Financial Year Ended April 30 Book available in PDF, EPUB, Mobi Format. Download Annual Report Of The Executive Board For The Financial Year Ended April 30 books,







Social Valuation In Agricultural Policy Analysis

Social Valuation in Agricultural Policy Analysis PDF
Author: Matthew Okai
Publisher: Routledge
ISBN: 0429794118
Size: 77.98 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 425
View: 2741

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Book Description:

Social Valuation In Agricultural Policy Analysis

by Matthew Okai, Social Valuation In Agricultural Policy Analysis Book available in PDF, EPUB, Mobi Format. Download Social Valuation In Agricultural Policy Analysis books, First published in 1999, this volume is intended to encourage appreciation of the cardinal significance for integrating macroeconomic policy variables and environmental factors and any other relevant externalities into sectoral policy analysis as a tool for improving choice of strategic factors in agricultural development, investment of allocative efficiency in agriculture and environmental protection and overall agricultural development management. The main concern of Matthew Okai is for choosing realistic policy instruments to promote development, quantifying constraints and evaluating the impacts of policy on objectives.