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dc.contributor.authorChang, Roberto
dc.date.accessioned2019-11-01T00:08:35Z
dc.date.available2019-11-01T00:08:35Z
dc.date.issued2019
dc.identifier.isbn978-956-7421-60-2
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3870
dc.descriptionArguably 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.extentSección o Parte de un Documento
dc.format.mediump. 205-247
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 26
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectMACROECONOMÍAes_ES
dc.titleForeign exchange intervention redux
dc.type.docArtículo
dc.file.nameBCCh-sbc-v26-p205_247


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