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Effective sterilized foreign exchange intervention? : evidence from a rule-based policy

Guido M.
Kuersteiner
David C.
Phillips
Mauricio
Villamizar-Villegas
Lunes, 10 Octubre 2016

We investigate the e ectiveness of sterilized foreign exchange interventions by exploiting a discontinuous policy rule used by the Central Bank of Colombia (CBoC). We use a unique data set from CBoC comprised of tick by tick intervention and order book da