Foreign Exchange Intervention as a Monetary Policy Instrument

Evidence for Inflation Targeting Countries

AvFelix Hüfner

Häftad, Engelska, 2003

Del 23 i serien ZEW Economic Studies

550 kr

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Beskrivning

Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate.

Produktinformation

Utgivningsdatum:2003-12-01
Mått:155 x 235 x 11 mm
Vikt:295 g
Format:Häftad
Språk:Engelska
Serie:ZEW Economic Studies
Antal sidor:175
Förlag:Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
ISBN:9783790801286

Utforska kategorier

Makroekonomi inom Ekonomi och Ledarskap

Innehållsförteckning

1 Introduction.- 1.1 Background.- 1.2 Approach to the Problem and Research Strategy.- 1.3 Structure of the Analysis.- 2 The Conventional View on Inflation Targeting.- 2.1 Definition and Elements of Inflation Targeting.- 2.2 Adoption of Inflation Targeting.- 2.3 A Basic Model for (Closed-Economy) Inflation Targeting.- 2.4 Open Economy Inflation Targeting.- 3 Uncovered Interest Parity in Practice.- 3.1 The Rationale of Interest Parity.- 3.2 An Empirical Test for Inflation Targeting Countries.- 3.3 Consequences of the Failure of UIP.- 4 Sterilised Interventions as an Additional Policy Instrument.- 4.1 Explaining and Interpreting Sterilised Interventions.- 4.2 The Effectiveness of Sterilised Interventions: A Review of the Literature.- 5 Sterilised Foreign Exchange Intervention in Practice.- 5.1 Foreign Exchange Reserves as an Intervention Proxy.- 5.2 Intervention Activity in Inflation Targeting Countries.- 5.3 The Use of Interventions as an Additional Policy Instrument.- 5.4 Short Case Studies of the Country Experiences.- 6 Performance of Inflation Targeting: An Evaluation.- 7 Conclusion and Outlook.- List of Figures.- List of Tables.

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