2013 Fiscal Year Final Research Report
The efficacy of foreign exchange intervention to international macroeconomic shocks: Evidence from Asian central banks
| Project/Area Number |
23730282
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic policy
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| Research Institution | University of Toyama (2012-2013)
Osaka City University (2011) |
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Principal Investigator |
KUBO Akihiro 富山大学, 経済学部, 准教授 (90554882)
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| Project Period (FY) |
2011 – 2013
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| Keywords | オープンマクロ経済学 / 金融政策 / 為替介入 / グローバルショック |
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| Research Abstract |
In this project, I examined the effect of foreign exchange intervention, then finding that although intervention was supplement for monetary policy, it was difficult to be fully felt on the economy. In addition, I investigated the macroeconomic impact of exchange rate shocks on monetary policy. I found that almost all monetary authorities showed little evidence of responses for large depreciation, although they experienced economic revival later.
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