Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?
评估了学术界在理解汇率干预是否有效及如何发挥作用方面的进展，回顾了理论和证据，认为官方干预可以有效，尤其是作为政策意图的信号，并公开宣布和协调时效果更佳。
Our paper assesses progress made by the profession in understanding whether and how exchange rate intervention works. We review theory and evidence on official intervention, concentrating primarily on work published in the last decade or so. We conclude that, unlike the profession's consensus of the 1980s, official intervention can be effective, especially as a signal of policy intentions and when publicly announced and concerted. We note an apparent empirical puzzle concerning the secrecy of much intervention and suggest another way for intervention to be effective which has received little attention in the literature, namely by remedying a coordination failure in the foreign exchange market.