Foreign exchange intervention as a monetary policy instrument: evidence for inflation targeting countries ; with 23 tables
Gespeichert in:
1. Verfasser: | |
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Format: | Abschlussarbeit Buch |
Sprache: | German |
Veröffentlicht: |
Heidelberg [u.a.]
Physica-Verl.
2004
|
Schriftenreihe: | ZEW economic studies
23 |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | IX, 175 S. graph. Darst. |
ISBN: | 3790801283 |
Internformat
MARC
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245 | 1 | 0 | |a Foreign exchange intervention as a monetary policy instrument |b evidence for inflation targeting countries ; with 23 tables |c Felix Hüfner |
246 | 1 | 3 | |a Sterilized foreign exchange intervention as a monetary policy instrument in inflation targeting countries |
264 | 1 | |a Heidelberg [u.a.] |b Physica-Verl. |c 2004 | |
300 | |a IX, 175 S. |b graph. Darst. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
490 | 1 | |a ZEW economic studies |v 23 | |
502 | |a Zugl.: Würzburg, Univ., Diss., 2003 u.d.T.: Hüfner, Felix: Sterilized foreign exchange intervention as a monetary policy instrument in inflation targeting countries | ||
650 | 4 | |a Foreign exchange administration | |
650 | 4 | |a Banks and banking, Central | |
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650 | 4 | |a International finance | |
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Datensatz im Suchindex
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adam_text |
Table of Contents
1 Introduction 1
1.1 Background 1
1.2 Approach to the Problem and Research Strategy 3
1.3 Structure of the Analysis 6
2 The Conventional View on Inflation Targeting 7
2.1 Definition and Elements of Inflation Targeting 7
2.1.1 Lack of an Explicit Intermediate Target 8
2.1.2 Price Stability as the Final Target 12
2.1.3 Publication of a Numerical Target 13
2.1.4 Transparent Communication of Central Bank Decisions 15
2.1.5 Increased Accountability of the Central Bank 16
2.1.6 Summary and Assessment 16
2.2 Adoption of Inflation Targeting 17
2.2.1 Overview 17
2.2.2 Country Selection 18
2.3 A Basic Model for (Closed Economy) Inflation Targeting 21
2.4 Open Economy Inflation Targeting 23
2.4.1 Exchange Rate Pass Through and Monetary Policy 24
2.4.2 The Svensson Model 27
2.4.3 The Ball Model 28
2.4.4 Two Critical Assumptions 30
3 Uncovered Interest Parity in Practice 33
3.1 The Rationale of Interest Parity 33
3.1.1 Covered Interest Parity 33
3.1.2 Uncovered Interest Parity 34
3.2 An Empirical Test for Inflation Targeting Countries 36
3.3 Consequences of the Failure of UIP 42
4 Sterilised Interventions as an Additional Policy Instrument 45
4.1 Explaining and Interpreting Sterilised Interventions 45
4.1.1 Channels for Influencing Exchange Rates 45
4.1.2 Sterilised Interventions as a Monetary Policy Instrument 48
4.1.3 Sterilisation Evidence for Inflation Targeting Countries 52
4.1.4 Managed Floating in Theory 54
VIII Table of Contents
4.1.5 Limitations of Sterilised Interventions 58
4.2 The Effectiveness of Sterilised Interventions: A Review of the
Literature 59
4.2.1 The Intervention Debate 59
4.2.2 The Inefficiency of Sterilised Interventions in Monetary
Models 61
4.2.3 The Portfolio Balance Channel of Interventions 62
4.2.4 Interventions as a Signal of Future Monetary Policy 64
4.2.5 Noise Traders and the Role of Sterilised Interventions 68
4.2.6 The Microstructure Approach and Sterilised Interventions 71
4.2.7 Assessment of Intervention Models 76
5 Sterilised Foreign Exchange Intervention in Practice 79
5.1 Foreign Exchange Reserves as an Intervention Proxy 80
5.1.1 Reasons for Holding Foreign Exchange Reserves 82
5.1.2 Mechanics of Foreign Exchange Intervention 84
5.1.3 External Influences on Foreign Exchange Reserves and Their
Adjustment 87
5.1.3.1 Identification and Correction of Valuation Effects 87
5.1.3.2 Estimation of Interest Earnings 88
5.1.4 The Correlation between Official Interventions and Reserves 89
5.1.5 Active versus Passive Interventions 91
5.2 Intervention Activity in Inflation Targeting Countries 93
5.2.1 Comparison of Intervention Capacities 93
5.2.2 Comparison of Reserve Changes 95
5.2.2.1 Correction for Valuation Changes 95
5.2.2.2 Correction for Interest Earnings 96
5.2.3 Identification of Intervention Activity 97
5.2.3.1 Absolute Reserve Changes 98
5.2.3.2 Normalisation with the Degree of Openness 98
5.2.3.3 Normalisation with the Size of Foreign Exchange Markets 99
5.2.3.4 Response to Shocks 100
5.2.4 Ranking of Intervention Activity 101
5.3 The Use of Interventions as an Additional Policy Instrument 107
5.3.1 Interventions and the Variation of Interest Rates 109
5.3.1.1 Interest Rate Volatility Compared 109
5.3.1.2 Frequency of Policy Rate Changes Compared 110
5.3.1.3 Interpretation of the Findings Ill
5.3.2 Policy Reaction Functions and Exchange Rates 112
5.3.2.1 Evolution of Taylor Rules 112
5.3.2.2 Description of Data and Methods 114
5.3.2.3 Stationarity Tests 116
5.3.2.4 Country Specific Results and Interpretation 117
5.4 Short Case Studies of the Country Experiences 122
5.4.1 New Zealand 123
5.4.2 Canada 127
Table of Contents IX
5.4.3 Australia 131
5.4.4 United Kingdom 135
5.4.5 Sweden 140
6 Performance of Inflation Targeting: An Evaluation 145
7 Conclusion and Outlook 151
Appendix 155
List of Figures 163
List of Tables 165
Bibliography 167 |
any_adam_object | 1 |
author | Hüfner, Felix 1974- |
author_GND | (DE-588)128944641 |
author_facet | Hüfner, Felix 1974- |
author_role | aut |
author_sort | Hüfner, Felix 1974- |
author_variant | f h fh |
building | Verbundindex |
bvnumber | BV017491574 |
callnumber-first | H - Social Science |
callnumber-label | HG3881 |
callnumber-raw | HG3881.H833 2004 |
callnumber-search | HG3881.H833 2004 |
callnumber-sort | HG 43881 H833 42004 |
callnumber-subject | HG - Finance |
classification_rvk | QM 331 |
ctrlnum | (OCoLC)723187749 (DE-599)BVBBV017491574 |
dewey-full | 332.456421 332.4564 |
dewey-hundreds | 300 - Social sciences |
dewey-ones | 332 - Financial economics |
dewey-raw | 332.4564 21 332.4564 |
dewey-search | 332.4564 21 332.4564 |
dewey-sort | 3332.4564 221 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
format | Thesis Book |
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id | DE-604.BV017491574 |
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indexdate | 2024-07-20T08:46:05Z |
institution | BVB |
isbn | 3790801283 |
language | German |
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physical | IX, 175 S. graph. Darst. |
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spelling | Hüfner, Felix 1974- Verfasser (DE-588)128944641 aut Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables Felix Hüfner Sterilized foreign exchange intervention as a monetary policy instrument in inflation targeting countries Heidelberg [u.a.] Physica-Verl. 2004 IX, 175 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier ZEW economic studies 23 Zugl.: Würzburg, Univ., Diss., 2003 u.d.T.: Hüfner, Felix: Sterilized foreign exchange intervention as a monetary policy instrument in inflation targeting countries Foreign exchange administration Banks and banking, Central Banks and banking, International International finance Inflation (DE-588)4026887-1 gnd rswk-swf Wechselkurs (DE-588)4064921-0 gnd rswk-swf Zeitreihenanalyse (DE-588)4067486-1 gnd rswk-swf Statistik (DE-588)4056995-0 gnd rswk-swf Notenbank (DE-588)4042669-5 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Geldpolitik (DE-588)4019902-2 s Inflation (DE-588)4026887-1 s Wechselkurs (DE-588)4064921-0 s Notenbank (DE-588)4042669-5 s DE-604 Zeitreihenanalyse (DE-588)4067486-1 s Statistik (DE-588)4056995-0 s ZEW economic studies 23 (DE-604)BV012864799 23 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010537544&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Hüfner, Felix 1974- Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables ZEW economic studies Foreign exchange administration Banks and banking, Central Banks and banking, International International finance Inflation (DE-588)4026887-1 gnd Wechselkurs (DE-588)4064921-0 gnd Zeitreihenanalyse (DE-588)4067486-1 gnd Statistik (DE-588)4056995-0 gnd Notenbank (DE-588)4042669-5 gnd Geldpolitik (DE-588)4019902-2 gnd |
subject_GND | (DE-588)4026887-1 (DE-588)4064921-0 (DE-588)4067486-1 (DE-588)4056995-0 (DE-588)4042669-5 (DE-588)4019902-2 (DE-588)4113937-9 |
title | Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables |
title_alt | Sterilized foreign exchange intervention as a monetary policy instrument in inflation targeting countries |
title_auth | Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables |
title_exact_search | Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables |
title_full | Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables Felix Hüfner |
title_fullStr | Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables Felix Hüfner |
title_full_unstemmed | Foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries ; with 23 tables Felix Hüfner |
title_short | Foreign exchange intervention as a monetary policy instrument |
title_sort | foreign exchange intervention as a monetary policy instrument evidence for inflation targeting countries with 23 tables |
title_sub | evidence for inflation targeting countries ; with 23 tables |
topic | Foreign exchange administration Banks and banking, Central Banks and banking, International International finance Inflation (DE-588)4026887-1 gnd Wechselkurs (DE-588)4064921-0 gnd Zeitreihenanalyse (DE-588)4067486-1 gnd Statistik (DE-588)4056995-0 gnd Notenbank (DE-588)4042669-5 gnd Geldpolitik (DE-588)4019902-2 gnd |
topic_facet | Foreign exchange administration Banks and banking, Central Banks and banking, International International finance Inflation Wechselkurs Zeitreihenanalyse Statistik Notenbank Geldpolitik Hochschulschrift |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010537544&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV012864799 |
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