Foreign exchange intervention redux

dc.contributor.author	Chang, Roberto
dc.date.accessioned	2019-11-01T00:08:35Z
dc.date.available	2019-11-01T00:08:35Z
dc.date.issued	2019
dc.identifier.isbn	978-956-7421-60-2
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3870
dc.description	Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it virtually useless as an independent macroeconomic policy tool. Indeed a large body of empirical literature has struggled to find a consistent link between FX intervention and macroeconomic aggregates including exchange rates. From a theory perspective this is hardly surprising especially since modern dynamic macroeconomic models often predict that FX intervention should be irrelevant (Backus and Kehoe 1989).
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 205-247
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Series on Central Banking Analysis and Economic Policies no. 26
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	MACROECONOMÍA	es_ES
dc.title	Foreign exchange intervention redux
dc.type.doc	Artículo
dc.file.name	BCCh-sbc-v26-p205_247

Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 Chile