ECB paper on exchange rate communication

The ECB Working Paper "How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches" analyses whether communication and actual interventions in FX markets are successful in moving exchange rates over the medium- to long-run.

It compares empirical evidence based on time-series analysis with that obtained from an event study approach. Both the time-series approach based on option contracts and the event-study methodology yield compelling

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