Bernal, Oscar; Gnabo, Jean-Yves - In: Journal of the Japanese and International Economies 23 (2009) 4, pp. 367-394
This paper generalizes the reaction functions of central banks' FX interventions to include oral interventions alongside actual ones. Using Japanese data for the 1991-2004 period, we estimate an ordered-probit model explaining the occurrence of each type of intervention and evaluating the extent...
