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Leaning Against the Wind: Do Central Banks Necessarily Lose? (1994)

Carlson, John A. ; Kim, Insook

Oxford, UK : Blackwell Publishing Ltd

Review of international economics 2 (1994), S. 0

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ISSN: 1467-9396

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: A leaning-against-the-wind intervention that has only a temporary effect on the exchange rate and that is not too aggressive can be shown analytically to yield positive expected profits to a central bank even when the exchange-rate process is nonstationary. These profits arise if there are some transitory shocks to the exchange rate. Furthermore, very aggressive intervention will yield positive expected profits eventually when there is a tendency for exchange rates to return to a long-run equilibrium level.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1467-9396.1994.tb00036.x

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