Efficacy of central bank interventions - Australia

An RBA discussion paper "Identifying the Efficacy of Central Bank Interventions: Evidence from Australia" says the endogeneity of exchange rates and intervention has long plagued studies of the effectiveness of central banks' actions in foreign exchange markets. Results suggest that central bank intervention has an economically significant contemporaneous effect.

Identifying the Efficacy of Central Bank Interventions: Evidence from Australia

By Jonathan Kearns, Roberto Rigobon, April 2003.

The

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