Foreign Exchange Intervention as a Monetary Policy Instrument

Foreign Exchange Intervention as a Monetary Policy Instrument
Author :
Publisher : Springer Science & Business Media
Total Pages : 180
Release :
ISBN-10 : 9783790826722
ISBN-13 : 3790826723
Rating : 4/5 (22 Downloads)

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 and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 180 pages. 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.


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During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which h