Marco Morales publica artículo en la revista International Review of Finance

«When does the Central Bank intervene the FX market? Estimating a time-varying Central Bank’s threshold intervention function”, es el nombre del artículo que Marco Morales, académico del Departamento de Economía UDP, en coautoría con Erwin Hanse, académico Departamento Administración de la Universidad de Chile, publicaron en la revista International Review of Finance. 

El artículo propone una metodología empírica para identificar la función umbral -no observada- que define la oportunidad de intervención del Banco Central.

 ABSTRACT: Foreign exchange interventions as an (implicit) policy instrument to stabilize prices in emerging economies with inflation targeting (IT) have gain attention among scholars and policy makers recently. Yet, it is not fully clear when and under which circumstances these interventions occur. In this article, we shed light on this topic by proposing an empirical methodology to identify the (unobservable) threshold function that defines the timing of interventions by Central Banks. We apply this methodology to Chile, a market‐oriented economy that despite combining an IT scheme and a free‐floating forex regime officially, has experienced occasional interventions.

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