Optimal Foreign Exchange Market Intervention | Zendy

Russell S. Boyer | Zendy

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Optimal Foreign Exchange Market Intervention

Author(s) -

Russell S. Boyer

Publication year - 1978

Publication title -

journal of political economy

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 21.034

H-Index - 186

eISSN - 1537-534X

pISSN - 0022-3808

DOI - 10.1086/260727

Subject(s) - exchange rate , flexibility (engineering) , portfolio , exchange rate flexibility , foreign exchange market , economics , intervention (counseling) , foreign exchange , degree (music) , balance (ability) , interest rate parity , exchange rate regime , econometrics , monetary economics , financial economics , medicine , physics , management , psychiatry , acoustics , physical medicine and rehabilitation

The problem of optimal exchange intervention is approached using the techniques derived in the "targets, instruments, and indicators" literature. The optimal exchange-rate policy is one of permitting the appropriate degree of exchange-rate flexibility rather than one of complete fixity or complete flexibility of the exchange rate. Although the problem of the optimal exchange-rate regime has been analyzed in these terms before, criteria previously employed, emphasizing the geographical or functional location of disturbances, are seen to be inappropriate for a portfolio balance model with some degree of capital mobility.

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