Intervention and sterilisation under floating exchange rates: the UK 1973–1983

Kearney, C. and MacDonald, R. (1986) Intervention and sterilisation under floating exchange rates: the UK 1973–1983. European Economic Review, 30(2), pp. 345-364. (doi:10.1016/0014-2921(86)90048-6)

Full text not currently available from Enlighten.

Abstract

In this paper a small portfolio balance model, in the spirit of Obstfeld (1983), is estimated for the sterling pound-US dollar exchange rate, over the period 1973 quarter 2 to 1983 quarter 4. It is demonstrated inter alia, that pure, or sterilised, foreign exchange market intervention can be effective, even when agents form expectations rationally.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:MacDonald, Professor Ronald
Authors: Kearney, C., and MacDonald, R.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:European Economic Review
Publisher:Elsevier B.V.
ISSN:0014-2921
ISSN (Online):1873-572X

University Staff: Request a correction | Enlighten Editors: Update this record