Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/52493
Authors: 
Chen, Yu-fu
Funke, Michael
Glanemann, Nicole
Year of Publication: 
2011
Series/Report no.: 
CESifo working paper: Monetary Policy and International Finance 3610
Abstract: 
This paper presents a theoretical framework analysing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions convey signals that communicate information about the exchange rate objectives of central bank. The model is used to analyse the impact of Japanese FX interventions during the period 1999 -2011 on the yen/US dollar dynamics.
Subjects: 
exchange rates
interventions
Japan
JEL: 
C61
E58
F31
Document Type: 
Working Paper

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