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dc.contributor.authorReitz, Stefanen
dc.contributor.authorTaylor, Mark P.en
dc.date.accessioned2009-01-28T16:01:38Z-
dc.date.available2009-01-28T16:01:38Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/19636-
dc.description.abstractThe coordination channel has been proposed as a means by which foreign exchange market intervention may be effective, in addition to the traditional portfolio balance and signaling channels. If strong and persistent misalignments of the exchange rate are caused by non-fundamental influences, such that a return to equilibrium is hampered by a coordination failure among fundamentals-based traders, then central bank intervention may act as a coordinating signal, encouraging stabilizing speculators to re-enter the market at the same time. We develop this idea in the framework of a simple microstructural model of exchange rate movements, which we then estimate using daily data on the dollar-mark exchange rate and on Federal Reserve and Bundesbank intervention operations. The results are supportive of the existence of a coordination channel of intervention effectiveness.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2006,08en
dc.subject.jelC10en
dc.subject.jelF41en
dc.subject.jelF31en
dc.subject.ddc330en
dc.subject.keywordforeign exchange interventionen
dc.subject.keywordcoordination channelen
dc.subject.keywordmarket microstructureen
dc.subject.keywordnonlinear mean reversionen
dc.subject.stwWechselkurspolitiken
dc.subject.stwInternationale wirtschaftspolitische Koordinationen
dc.subject.stwDevisenspekulationen
dc.subject.stwDevisenmarkten
dc.subject.stwMikrostrukturanalyseen
dc.subject.stwSchätzungen
dc.subject.stwTheorieen
dc.subject.stwDeutschlanden
dc.subject.stwUSAen
dc.titleThe coordination channel of foreign exchange intervention: a nonlinear microstructural analysis-
dc.typeWorking Paperen
dc.identifier.ppn51039289Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:4245en

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