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Self-selection and treatment effects: Revisiting the effectiveness of foreign exchange intervention

Pontines, Victor


Along the lines of the treatment effects literature, this paper empirically revisits the issue of the so-called “intervention effect”, i.e., the effectiveness of official foreign exchange intervention on the movement of the exchange rate. We specifically examine the effectiveness of official daily interventions by Japanese monetary authorities in the JPY/USD market over the period from 1 January 1999 to 31 December 2011. To achieve our aim, we extended in a continuous treatment setting the...[Show more]

CollectionsANU Research Publications
Date published: 2018
Type: Journal article
Source: Journal of Macroeconomics
DOI: 10.1016/j.jmacro.2018.06.007


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