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Modelling Central Bank Intervention Activity under Inflation Targeting

Horvath, Roman (2006): Modelling Central Bank Intervention Activity under Inflation Targeting.

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Abstract

Using daily data from the Czech Republic in 1/1/1998-31/12/2002, we find that foreign exchange intervention activity is determined by the degree of exchange rate misalignment and lagged intervention. Additionally, inflation targeting regime is a binding constraint of intervention activity.

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