The Inaccuracy of Newspaper Reports of U.S. Foreign Exchange Intervention
比较美国外汇干预的官方数据与报纸报道，发现两者系统性差异，质疑干预能否准确传递货币政策信号，或反映市场参与者信息不对称。
This paper presents a comparison of official data on U.S. foreign exchange intervention with newspaper reports. The authors find that the series are systematically different, which calls into question the ability of intervention to signal monetary policy accurately. Alternatively, this divergence may reflect the fact that not all market participants have equally accurate information about exchange market intervention.