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Federal Reserve Bank of Cleveland
Economic Commentary
Why intervention rarely works
Owen F. Humpage
William P. Osterberg
Abstract

Foreign-exchange-market intervention is generally ineffective when undertaken independent of monetary policy. But when undertaken as a goal of monetary policy, exchange-rate management can compromise price stability. This Economic Commentary explains the difficulties of implementing an intervention policy.


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Owen F. Humpage & William P. Osterberg, "Why intervention rarely works" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Feb, 2000.
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Keywords: Foreign exchange - Law and legislation ; Monetary policy
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Fed-in-Print is the central catalog of publications within the Federal Reserve System. It is managed and hosted by the Economic Research Division, Federal Reserve Bank of St. Louis.

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