Recent U.S. Intervention: Is Less More?

An analysis of the forecast value of U.S. interventions in the foreign exchange market over the past seven years, which finds that official transactions by U.S. monetary authorities generally did not seem to improve the efficiency with which the foreign exchange market obtained information during this period.

[1]  L. A. Metzler.  The Nature and Stability of Inventory Cycles , 1941 .

[2]  Inventories and Business Cycles, with Special Reference to Manufacturers' Inventories. , 1951 .

[3]  H. Scarf.  THE OPTIMALITY OF (S,S) POLICIES IN THE DYNAMIC INVENTORY PROBLEM , 1959 .

[4]  C. C. Holt,et al.  Planning Production, Inventories, and Work Force. , 1962 .

[5]  M. Lovell.  Manufacturers' Inventories, Sales Expectations, and the Acceleration Principle , 1961 .

[6]  A. Blinder.  Retail Inventory Behavior and Business Fluctuations , 1981 .

[7]  Finn E. Kydland,et al.  Time to Build and Aggregate Fluctuations , 1982 .

[8]  O. Blanchard.  The Production and Inventory Behavior of the American Automobile Industry , 1982, Journal of Political Economy.

[9]  Louis J. Maccini.  The interrelationship between price and output decisions and investment decisions: Microfoundations and aggregate implications , 1984 .

[10]  M. Eichenbaum.  Rational expectations and the smoothing properties of inventories of finished goods , 1984 .

[11]  D. Hamermesh,et al.  The Demand for Labor in the Long Run , 1984 .

[12]  Louis J. Maccini,et al.  Joint Production, Quasi-Fixed Factors of Production, and Investement in Finished Goods Inventories , 1984 .

[13]  Andrew Caplin.  The Variability of Aggregate Demand with (S, s) Inventory Policies , 1985 .

[14]  D. Sheehan,et al.  The stylized facts about the behavior of manufacturers' inventories and backorders over the business cycle: 1959–1980☆ , 1985 .

[15]  K. West.  A Variance Bounds Test of the Linear Quadratic Inventory Model , 1985, Journal of Political Economy.

[16]  James A. Kahn.  Inventories and the volatility of production , 1986 .

[17]  S. Zeldes,et al.  Seasonality, Cost Shocks, and the Production Smoothing Model of Inventories , 1987 .

[18]  Lawrence J. Christiano.  Why does inventory investment fluctuate so much , 1988 .

[19]  Owen F. Humpage.  Intervention and the dollar's decline , 1988 .

[20]  R. Fair.  The Production Smoothing Model is Alive and Well , 1989 .

[21]  The Cyclical Behavior of Strategic Inventories , 1989 .

[22]  Patrick Minford,et al.  The Foreign Exchange Market: Theory and Econometric Evidence , 1990 .

[23]  Finn E. Kydland,et al.  Business cycles: real facts and a monetary myth , 1990 .

[24]  D. Humphrey.  Costs and Technical Change: Effects from Bank Deregulation , 1990 .

[25]  Louis J. Maccini,et al.  The Resurgence of Inventory Research: What Have We Learned? , 1990 .

[26]  Valerie A. Ramey,et al.  Nonconvex Costs and the Behavior of Inventories , 1991, Journal of Political Economy.

[27]  Louis J. Maccini,et al.  Taking Stock: A Critical Assessment of Recent Research on Inventories , 1991 .

[28]  Tom-Michael Hesse,et al.  Central Bank Forex Intervention As-sessed in Continuous Time , 1993 .

[29]  Ricardo J. Caballero,et al.  Dynamic (S,S) Economies , 1991 .

[30]  K. Lai.  Aggregation and Testing of the Production Smoothing Hypothesis , 1991 .

[31]  Spencer D. Krane,et al.  Production Smoothing Evidence from Physical-Product Data , 1991, Journal of Political Economy.

[32]  Allen N. Berger,et al.  Measurement and Efficiency Issues in Commercial Banking , 1992 .

[33]  Jeffrey A. Frankel,et al.  Does Foreign Exchange Intervention Work , 1993 .

[34]  B. Bental,et al.  Inventories in a Competitive Environment , 1993, Journal of Political Economy.

[35]  Hali J. Edison.  The Effectiveness of Central-Bank Intervention: A Survey of the Literature After 1982 , 1993 .

[36]  Inventories, production smoothing, and anticipated demand variations , 1993 .

[37]  Dennis J. Fixler.  Measuring financial service output and prices in commercial banking , 1993 .

[38]  M. Gertler,et al.  Are Banks Dead? Or are the Reports Greatly Exaggerated? , 1994 .

[39]  Anil K. Kashyap,et al.  Credit Conditions and the Cyclical Behavior of Inventories , 1994 .

[40]  Owen F. Humpage.  Institutional aspects of U.S. intervention , 1994 .

[41]  Zvi Griliches,et al.  Comments On Measurement Issues In Relating It Expenditures To Productivity Growth , 1995 .

[42]  Thomas F. Cooley.  Frontiers of business cycle research , 1995 .

[43]  Tryphon Kollintzas.  A generalized variance bounds test with an application to the Holt et al. inventory model , 1995 .

[44]  M. Leahy.  The profitability of US intervention in the foreign exchange markets , 1995 .

[45]  Allen N. Berger,et al.  The Transformation of the U.S. Banking Industry: What a Long, Strange Trip It's Been , 1995 .

[46]  G. Almekinders.  Foreign Exchange Intervention: Theory and Evidence , 1995 .

[47]  Louis J. Maccini,et al.  Serial Correlation in Demand, Backlogging and Production Volatility , 1996 .

[48]  Allen N. Berger,et al.  Efficiency of financial institutions: International survey and directions for future research , 1997 .

[49]  Lawrence B. Pulley,et al.  Banks' Responses to Deregulation: Profits, Technology, and Efficiency , 1997 .

[50]  Jonas D. M. Fisher,et al.  (S,s) Inventory Policies in General Equilibrium , 1998 .

[51]  James A. Kahn,et al.  What Inventory Behavior Tells Us About Business Cycles , 1999 .