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目次

Part 1 The objectives of foreign exchange intervention: exchange ratestability and managed floating - the experience of the Federal Republic ofGermany, Jacques R. Artus; exchange rate policy in Japan - leaning againstthe wind, Peter J. Quirk; exchange rates in the short run - thedollar-Deutschmark rate, William H. Branson et al; exchange rate economics -where do we stand, Rudiger Dornbusch; smoothing exchange rates by centralbank interventions?, Heinz Konig and Werner Gaab; intervention in themark/dollar market - the authorities' reaction function, Manfred J.M.Neumann; intervention and sterilization under floating exchange rates - theUK 1973-1983, Colm Kearney and Ronald MacDonald; intervention policy underfloating exchange rates - an analysis of the Swiss case, Manfred Gartner; onthe short term objectives of daily intervention by the Deutsche Bundesbankand the Federal Reserve System in the US dollar-Deutsche Mark exchangemarket, S.C.W. Eijffinger and A.P.D. Gruijters. Part 2 The effectiveness offoreign exchange intervention - the portfolio-balance and expectationschannel: exchange rates, inflation, and the sterilization problem - Germany1975-1981, Maurice Obstfeld; relationships among exchange rates,intervention, and interest rates - an empirical investigation, Bonnie E.Loopesko; on the effects of sterilized intervention - an analysis of weeklydata, Kenneth Rogoff; intervention and the dollar's decline, Owen F. Humpage;market responses to coordinated central bank intervention, Kathryn MaryDominguez; what has foreign exchange market intervention since the PlazaAgreement accomplished?, Michael D. Bordo and Anna J. Schwartz; on theeffectiveness of daily intervention by the Deutsche Bundesbank and theFederal Reserve System in the US dollar-Deutsche Mark exchange market,Sylvester Eijffinger and Noud Gruijters; does foreign exchange interventionmatter? the portfolio effect, Kathryn M. Dominguez and Jeffrey A. Frankel;the ineffectiveness of central bank intervention, Geert J. Almekinders andSylvester C.W. Eijffinger. Part 3 New approaches to foreign exchangeintervention - technical analysis, private information and game-theoreticmodels: charts, noise and fundamentals in the London foreign exchange market,Helen Allen and Mark P. Taylor; a positive theory of intervention, Geert J.Almekinders; a friction model of daily Bundesbank and federal reserveintervention, Geert J. Almekinders and Sylvester C.W. Eijffinger; theadvantage to hiding one's hand - speculation and central bank intervention inthe foreign exchange market, Uptal Bhattacharya and Paul Weller; theadvantage of hiding both hands - foreign exchange intervention, ambiguity andprivate information, Sylvester C.W. Eijffinger and Willem H. Verhagen.