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

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Borradores de Economía; No. 972
Date published
2016-11-30
Date of last update
2016-11-30
Author
Ordoñez-Callamand, Daniel
Villamizar-Villegas, Mauricio
Melo-Velandia, Luis Fernando
Document language
spa
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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
Abstract
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
JEL Codes
F31 - Foreign ExchangeC14 - Semiparametric and Nonparametric Methods: GeneralC22 - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion processesC24 - Truncated and Censored Models; Switching Regression Models; Threshold Regression ModelsE58 - Central Banks and Their Policies
Keywords
CLAD ; Censored models ; Foreign exchange intervention ; Central bank's policy function ;
URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6283
https://hdl.handle.net/20.500.12134/6283
https://doi.org/10.32468/be.972
https://ideas.repec.org/p/bdr/borrec/972.html
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This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit