Andrew Filardo

Séminaires interdisciplinaires
finance seminar

Andrew Filardo

Hoover Institution, Standford University
Exchange rate swings and FX intervention
Co-écrit avec
Gaston Gelos, Thomas McGregor
à distance
Mardi 8 février 2022| 14:30

Eric Girardin : eric.girardin[at]
Christelle Lecourt : christelle.lecourt[at]


This paper develops a new approach for exploring the effectiveness of foreign currency intervention. The approach focuses on long swings in real exchange rates and their associated misalignments with respect to short-, medium-, and long-run cycles in macroeconomic fundamentals for 26 advanced and emerging market economies, spanning the period 1990q1-2018q2. The evidence supports the hypothesis that central banks can lean effectively against short- misalignments of the real exchange rate from the level implied by macroeconomic fundamentals. The effectiveness of intervention rises with the size of the misalignment, and with persistent one-sided interventions, as well as sales being more effective than purchases. 

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