Bernal Diaz, Oscar; Gnabo, Jean-Yves - Département d'Économie Appliquée (DULBEA), Solvay … - 2007
This paper generalizes central banks’ FX interventions reaction functions to include oral interventions alongside actual ones. Using Japanese data for the 1991-2004 period, we estimate an ordered probit explaining the occurrence of each type of intervention and evaluating the extent to which...