Share

Foreign Exchange Intervention as a Monetary Policy Instrument

2012-12-06 Business & Economics
Download Foreign Exchange Intervention as a Monetary Policy Instrument PDF Online Free

Author :
Release : 2012-12-06
Genre : Business & Economics
Kind : eBook
Book Rating : 723/5 ( reviews)

GET EBOOK


Book Synopsis Foreign Exchange Intervention as a Monetary Policy Instrument by : Felix Hüfner

Download or read book Foreign Exchange Intervention as a Monetary Policy Instrument written by Felix Hüfner. This book was released on 2012-12-06. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.

Foreign Exchange Intervention As a Monetary Policy Instrument

2014-01-15
Download Foreign Exchange Intervention As a Monetary Policy Instrument PDF Online Free

Author :
Release : 2014-01-15
Genre :
Kind : eBook
Book Rating : 739/5 ( reviews)

GET EBOOK


Book Synopsis Foreign Exchange Intervention As a Monetary Policy Instrument by : Felix Hufner

Download or read book Foreign Exchange Intervention As a Monetary Policy Instrument written by Felix Hufner. This book was released on 2014-01-15. Available in PDF, EPUB and Kindle. Book excerpt:

Foreign Exchange Intervention under Policy Uncertainty

2016-03-23 Business & Economics
Download Foreign Exchange Intervention under Policy Uncertainty PDF Online Free

Author :
Release : 2016-03-23
Genre : Business & Economics
Kind : eBook
Book Rating : 234/5 ( reviews)

GET EBOOK


Book Synopsis Foreign Exchange Intervention under Policy Uncertainty by : Gustavo Adler

Download or read book Foreign Exchange Intervention under Policy Uncertainty written by Gustavo Adler. This book was released on 2016-03-23. Available in PDF, EPUB and Kindle. Book excerpt: We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.

The Cost of Foreign Exchange Intervention

2016-04-12 Business & Economics
Download The Cost of Foreign Exchange Intervention PDF Online Free

Author :
Release : 2016-04-12
Genre : Business & Economics
Kind : eBook
Book Rating : 30X/5 ( reviews)

GET EBOOK


Book Synopsis The Cost of Foreign Exchange Intervention by : Gustavo Adler

Download or read book The Cost of Foreign Exchange Intervention written by Gustavo Adler. This book was released on 2016-04-12. Available in PDF, EPUB and Kindle. Book excerpt: The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This paper clarifies conceptual issues regarding how to measure these costs both from an ex-post and an ex-ante (relevant for decision making) perspective, and estimates both marginal and total costs for 73 countries over the period 2002-13. We find ex-ante marginal costs for the median emerging market economy (EME) in the inter-quartile range of 2-5.5 percent per year; while ex-ante total costs (of sustaining FX positions) in the range of 0.2-0.7 percent of GDP per year for light interveners and 0.3-1.2 percent of GDP per year for heavy interveners. These estimates indicate that fiscal costs of sustained FX intervention (via expanding central bank balance sheets) are not negligible.

Two Targets, Two Instruments

2012-02-29 Business & Economics
Download Two Targets, Two Instruments PDF Online Free

Author :
Release : 2012-02-29
Genre : Business & Economics
Kind : eBook
Book Rating : 281/5 ( reviews)

GET EBOOK


Book Synopsis Two Targets, Two Instruments by : Mr.Jonathan David Ostry

Download or read book Two Targets, Two Instruments written by Mr.Jonathan David Ostry. This book was released on 2012-02-29. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

You may also like...