کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10477047 | 930126 | 2005 | 18 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Identifying the efficacy of central bank interventions: evidence from Australia and Japan
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Identifying the efficacy of central bank interventions: evidence from Australia and Japan Identifying the efficacy of central bank interventions: evidence from Australia and Japan](/preview/png/10477047.png)
چکیده انگلیسی
Using a model incorporating the endogenous relationship between exchange rates and intervention, we show how a change in central bank policy can be used as an identification assumption. Estimating this model with simulated GMM for daily data from Australia and Japan, we find that a US$100 million purchase appreciates the Australian dollar by 1.3-1.8% but the yen by just 0.2%. Almost all of the impact of an intervention occurs during the day it is conducted and we confirm that central banks typically lean against the wind.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 66, Issue 1, May 2005, Pages 31-48
Journal: Journal of International Economics - Volume 66, Issue 1, May 2005, Pages 31-48
نویسندگان
Jonathan Kearns, Roberto Rigobon,