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INTERVENTION IN THE FOREIGN EXCHANGE MARKETS
Submitted by Don Stacey
Although dated, the articles below lend proof that our government has intervened to support or diminsh the attraction for the US dollar. At least since 1985. What arrogance, dishonesty, and deceipt that we would scold another nation (Red China) that they are cheating when, in fact, our Federal Reserve and Treasury are the biggest cheats of all. I found the strategies quite interesting.
DS
Intervention in the foreign exchange markets
"Clinton's Dollar Policy and The Effectiveness of Foreign Exchange Intervention," Revue d'Economie Financiere, December 1994, 125-137. Excerpted as "What Dollar Bashing?" The International Economy, May/June 1995, 14-15.
Does Foreign Exchange Intervention Work? (with Kathryn Dominguez), Institute for International Economics, Washington, D.C., 1993.
"Does Foreign Exchange Intervention Matter? The Portfolio Effect" (with Kathryn Dominguez), abridged version of CIDER Working Paper No. C92-001, U.C. Berkeley. American Economic Review, 83, no. 5, December 1993, 1356-69. Reprinted in Foreign Exchange Intervention: Objectives and Effectiveness, edited by Sylvester Eijffinger, Edward Elgar Publishing, 1999.
"Does Foreign Exchange Intervention Matter? Disentangling the Portfolio and Expectation Effects for the Mark" (with Kathryn Dominguez), NBER Working Paper No. 3299, March 1990. Appears in condensed form as "Foreign Exchange Intervention: An Empirical Assessment," chapter 16 in Frankel, On Exchange Rates, MIT Press, 1993.
"Concerted Interventions and the Dollar: An Analysis of Daily Data," in The International Monetary System in Crisis and Reform: Essays in Memory of Rinaldo Ossola, edited by P.Kenen, F.Papadia and F.Saccomani, Cambridge University Press, Cambridge UK, 1994, 242-247; and (in Italian), in Il Sistema Monetario Internationazionale tra Crisi e Riforme: Saggi in Memoria di Rinaldo Ossola, Bologna: Societa Editrice il Mulino, 434-443.
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