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

Borradores de Economia
Number: 
964
Published: 
Classification JEL: 
E58, F31, C22
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

The most recent

Jhorland Ayala-García, Jaime Alfredo Bonet-Moron, Eduardo A. Haddad, Inácio F. Araújo
Clark Granger, Jhorland Ayala-García, Fabio Montenegro Aparicio
Hans-Erik Edsand, Andrés Aleán-Romero, Jhorland Ayala-García, Tania Jiménez Castilla, Sandra C. Valencia

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