Foreign exchange intervention : objectives and effectiness / edited by Sylvester C. W. Eijffinger.

Acknowledgements, ix -- Introduction / Sylvester C.W. Eijffinger, xi -- Part I. The objectives of foreign exchange intervention -- 1. Exchange rate stability and managed floating: the experience of the federal republic of Germany / Jacques R. Artus, 3 -- 2. Exchange rate policy in Japan: leaning against the wind / Peter J. Quirk, 25 -- 3. Exchange rates in the short run: the dollar-deutschemark rate / William H. Branson, Hannu Halttunen, Paul Masson, 48 -- 4. Exchange rate economics: where do we stand? / Rudiger Dornbusch, 70 -- 5. Smoothing exchange rates by central bank interventions? / Heinz Konig, Werner Gaab, 113 -- 6. Intervention in the mark/dollar market: the authorities' reaction function / Manfred J.M. Neumann, 133 -- 7. Intervention and sterilisation under floating exchange rates: the UK 1973-1983 / Colm Kearney and Ronald MacDonald, 150 -- 8. Intervention policy under floating exchange rates: an analysis of the Swiss case / Manfred Gartner, 170 -- 9. On the short term objectives of daily intervention by the Deutsche Bundesbank and the Federal Reserve System in the U.S. dollar - deutsche mark exchange market / S.C.W. Eijffinger and A.P.D. Gruijters, 185 -- Part II. The effectiveness of foreign exchange intervention: the portfolio-balance and expectations channel -- 10. Exchange rates, inflation, and the sterilization problem: Germany, 1975-1981 / Maurice Obstfeld, 209 -- 11. Relationships among exchange rates, intervention, and interest rates: an empirical investigation / Bonnie E. Loopesko, 238 -- 12. On the effects of sterilized intervention: an analysis of weekly data / Kenneth Rogoff, 259 -- 13. Intervention and the Dollar's Decline / Owen F. Humpage, 277 -- 14. Market responses to coordinated central bank intervention / Kathryn Mary Dominguez, 292 -- 15. What has foreign exchange market intervention since the plaza agreement accomplished? / Michael D. Bordo, Anna J. Schwartz, 335 -- 16. On the effectiveness of daily intervention by the Deutsche Bundesbank and the Federal Reserve System in the us dollar - deutsche mark exchange market / Sylvester Eijffinger and Noud Gruijters, 361 -- 17. Does foreign-exchange intervention matter? the portfolio effect / Kathryn M. Dominguez, Jeffrey A. Frankel, 387 -- 18. The ineffectiveness of central bank intervention / Geert J. Almekinders and Sylvester C.W. Eijffinger, 401 -- Part III. New approaches to foreign exchange intervention: technical analysis, private information and game theoretic models -- 19. Charts, noise and fundamentals in the London foreign exchange market / Helen Allen and Mark P. Taylor, 423 -- 20. A positive theory of intervention / Geert J. Almekinders, 434 -- 21. A Friction model of daily Bundesbank and Federal Reserve intervention / Geert J. Almekinders and Sylvester C.W. Eijffinger, 489 -- 22. The advantage to hiding one's hand: speculation and central bank intervention in the foreign exchange market / Utpal Bhattacharya and Paul Weller, 505 -- 23. The Advantage of Hiding Both Hands: Foreign Exchange Intervention, Ambiguity and Private Information / Sylvester C.W. Eijffinger, Willem H. Verhagen, 532 -- Name index, 571.