Occasional Interventions to Target Rates
构建了央行外汇干预模型，基于美、德、日1980年代末的干预特征，发现央行在汇率偏离目标时加大干预力度，同时试图稳定当前汇率水平，并用马克/美元和日元/美元数据验证了模型。
This paper develops a model of central-bank intervention based upon a policy characteristic of foreign-exchange interventions by the United States, Germany, and Japan in the late 1980's and evaluates it empirically. Central bankers intervene with greater intensity as rates deviate from target levels, but they also try to stabilize rates around current levels. The model is estimated using exchange rates and data based upon observed central-bank interventions. Interestingly, the estimates of the model are consistent with the predictions of the theoretical model for both the deutsche-mark/dollar rate and, less strongly, for the yen/dollar rate.