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DIW Wochenbericht 18 / 2019

Globale Verantwortung: Erneuerbare Energien, Klima, Migrationsdruck: Berichte

2019| Claudia Kemfert, Lukas Menkhoff, Karsten Neuhoff, Jörn Richstein, Tobias Stöhr, Vera Zipperer
DIW Wochenbericht 44 / 2017

Zentralbanken sollten ihre Intervention am Devisenmarkt mit Kommunikation begleiten

Zentralbanken, zum Beispiel die schweizerische und die zahlreicher Schwellenländer, intervenieren häufig an Devisenmärkten. Es ist jedoch nicht unmittelbar festzustellen, ob diese Interventionen wirksam sind. Mittels anerkannter Kriterien analysiert dieser Bericht die Erfolgswahrscheinlichkeit aus einem Datensatz von 4.500 Interventionsepisoden aus 33 Ländern. Dabei ist es wichtig, Währungsregimes ...

2017| Lukas Menkhoff, Tobias Stöhr
DIW Wochenbericht 18 / 2017

Devisenmarktinterventionen: Ein häufig genutztes und wirksames Instrument

Intervenieren Zentralbanken häufig auf Devisenmärkten, um Wechselkurse zu beeinflussen? Falls ja, ist das effektiv? Aus deutscher Perspektive mögen diese Fragen überraschen: Die Europäische Zentralbank interveniert praktisch nicht auf Devisenmärkten, sondern lässt die Wechselkurse frei schwanken. In Schwellenländern dagegen setzen Notenbanken dieses Instrument fast jeden dritten Tag ein, wie aus der ...

2017| Lukas Menkhoff, Tobias Stöhr
DIW Weekly Report 16/17/18 / 2019

Global Responsibilities: Renewable Energies, Climate Policy, Migratory Pressure: Reports

2019| Claudia Kemfert, Lukas Menkhoff, Karsten Neuhoff, Jörn Richstein, Tobias Stöhr, Vera Zipperer
DIW Economic Bulletin 44 / 2017

Central Banks Should Communicate Their Interventions in the Foreign Exchange Market

Central banks frequently intervene in foreign exchange markets. Using recognized criteria this report analyzes the probability of success in a data set of 4,500 intervention episodes in 33 countries. It is important to differentiate among exchange rate regimes because each focuses on a different goal. While flexible exchange rate regimes intervene less frequently and seek to influence trends, other ...

2017| Lukas Menkhoff, Tobias Stöhr
DIW Economic Bulletin 18/19 / 2017

Foreign Exchange Market Interventions: A Frequently Used and Effective Tool

Is it common for central banks to intervene in foreign exchange markets in order to influence exchange rates? And if so, is it effective? From a German perspective, these questions seem surprising, since the European Central Bank (ECB) does not intervene in foreign exchange markets—rather, it lets the exchange rates float freely. The situation is very different in the emerging countries: according ...

2017| Lukas Menkhoff, Tobias Stöhr
Diskussionspapiere 1854 / 2020

The Dynamic Impact of FX Interventions on Financial Markets

Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact ...

2020| Lukas Menkhoff, Malte Rieth, Tobias Stöhr
Diskussionspapiere 1518 / 2015

When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...

2015| Marcel Fratzscher, Oliver Goede, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
Externe referierte Aufsätze

When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries

This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...

In: American Economic Journal: Macroeconomics 11 (2019), 1, S. 132-156 | Marcel Fratzscher, Oliver Gloede, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
Externe referierte Aufsätze

Heterogeneous Immigrants, Exports and Foreign Direct Investment: The Role of Language Skills

We investigate the interplay of language skills and immigrant stocks in determining bilateral FDI outstocks of OECD reporting countries. Applying a Poisson panel estimator to 2004–11 data, we find robust evidence for a positive effect of bilateral immigrants on bilateral FDI-provided that residents of the two countries have few language skills in common. We find a similar effect for immigrants from ...

In: The World Economy 41 (2018), 6, S. 1529-1548 | Matthias Lücke, Tobias Stöhr
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