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Why intervention rarely works

Author

Listed:
  • Owen F. Humpage
  • William P. Osterberg

Abstract

Foreign-exchange-market intervention is generally ineffective when undertaken independent of monetary policy. But when undertaken as a goal of monetary policy, exchange-rate management can compromise price stability. This Economic Commentary explains the difficulties of implementing an intervention policy.

Suggested Citation

  • Owen F. Humpage & William P. Osterberg, 2000. "Why intervention rarely works," Economic Commentary, Federal Reserve Bank of Cleveland, issue Feb.
    • Handle: RePEc:fip:fedcec:y:2000:i:feb1
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    Cited by:

    1. Beine, Michel, 2004. "Conditional covariances and direct central bank interventions in the foreign exchange markets," Journal of Banking & Finance, Elsevier, vol. 28(6), pages 1385-1411, June.

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