A proposal for an exchange rate adjustment in the presence of intervention activities

Νικόλαος Ε. Απέργης


This paper proposes a technique which adjusts exchange rate series after taking into consideration
that monetary authorities intervene in the foreign exchange market whenever it seems appropriate. The
results demonstrate that the majority of intervention actions are succesful, while they improve the forecasting
capability of exchange rate movements.


Exchange rate; Market intervention; Monetary policy

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η δικτυακή πύλη της ευρωπαϊκής ένωσης ψηφιακή ελλάδα ΕΣΠΑ 2007-2013