Foreign exchange intervention revisited : a new way of estimating censored models

Número: 
972
Publicado: 
Clasificación JEL: 
C14, C22, C24, E58, F31
Palabras clave: 
CLAD, Censored Models, Foreign Exchange Intervention, Central Bank's Policy Function

Most of the literature on the e ectiveness of foreign exchange intervention has yet to reach a general consensus. In part, this is due to the di erent estimation methods in which exogenous variation is identi ed. In this sense, the use of heavily-dependen