Arbeitspapier
The interventions of the European Central Bank: Effects, effectiveness, and policy implications
We analyze the effectiveness of the foreign exchange market interventions conducted by the European Central Bank (ECB) in the fall of 2000 to support the external stability of the euro. To this end, in a first step different channels through which interventions may influence exchange rate dynamics are discussed. In a second step, a review of the existing empirical literature on the effectiveness of central bank interventions is used as the basis for evaluating the effectiveness of the ECB's intervention policy. Against this background, high-frequency exchange-rate data are used to examine the effects of the interventions. We present evidence that the interventions only had a very short-term impact on the exchange rate path with no medium-term effects. All in all, our results suggest that the ECB's intervention policy was not effective.
- Sprache
-
Englisch
- Erschienen in
-
Series: Research Notes ; No. 01-2
- Klassifikation
-
Wirtschaft
Foreign Exchange
- Thema
-
European Central Bank
Foreign exchange market interventions
Wechselkurspolitik
Wirkungsanalyse
Europäische Wirtschafts- und Währungsunion
Wechselkurs
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Frenkel, Michael
Stadtmann, Georg
Pierdzioch, Christian
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bank Research
- (wo)
-
Frankfurt a. M.
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Frenkel, Michael
- Stadtmann, Georg
- Pierdzioch, Christian
- Deutsche Bank Research
Entstanden
- 2001
Ähnliche Objekte (12)
Compensation and Transparency of Compensation of Management Boards in Germany
The effectiveness of the interventions of the Swiss National Bank: an event-study analysis
Compensation and Transparency of Compensation of Management Boards in Germany
The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan
Fortnite: The business model pattern behind the scene
Age effects in the Okun's law within the Eurozone
The fear of float of the Swiss National Bank
Age effects in the Okun's law within the eurozone
The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility
Who put the holes in the Swiss cheese? Currency crisis under appreciation pressure
Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure
The ups and downs of Wirecard AG: An application of the reversed news model
Compensation and Transparency of Compensation of Management Boards in Germany
The effectiveness of the interventions of the Swiss National Bank: an event-study analysis
Compensation and Transparency of Compensation of Management Boards in Germany
The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan
Fortnite: The business model pattern behind the scene
Age effects in the Okun's law within the Eurozone
The fear of float of the Swiss National Bank
Age effects in the Okun's law within the eurozone
The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility
Who put the holes in the Swiss cheese? Currency crisis under appreciation pressure
Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure
The ups and downs of Wirecard AG: An application of the reversed news model
Compensation and Transparency of Compensation of Management Boards in Germany
The effectiveness of the interventions of the Swiss National Bank: an event-study analysis
Compensation and Transparency of Compensation of Management Boards in Germany
The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan
Fortnite: The business model pattern behind the scene
Age effects in the Okun's law within the Eurozone
The fear of float of the Swiss National Bank
Age effects in the Okun's law within the eurozone
The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility
Who put the holes in the Swiss cheese? Currency crisis under appreciation pressure
Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure