How Powerful Is Unannounced, Sterilized Foreign Exchange Intervention?
利用英国央行新解密的档案数据，研究布雷顿森林体系时期未公开的冲销式外汇干预对英镑汇率的影响，发现购买相当于货币供应量1%的英镑会导致英镑显著升值4-5个基点。
Abstract Though most central banks actively intervene on the foreign exchange market, the literature offers mixed evidence on their effectiveness: particularly for unannounced interventions. We use new, declassified data from the archives of the Bank of England and the institutional features of the Bretton Woods Era to estimate the effects of intervention on the exchange rate. We find that a purchase of pounds equivalent to 1% of the money supply causes a statistically significant, 4–5 basis point appreciation in the pound.