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| Central Bank Foreign Exchange Intervention: Operation and Effectiveness Evaluation |
| WANG Aijian, DENG Liqiao
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Coordinated Innovation Center for Binhai Finance in China;
School of Economics, Tianjin University of Finance and Economics |
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Abstract This paper portrays FX intervention and monetary policy transition factors into NK-DSGE theoretical model framework, introducing risk-averse foreign exchange trader, adding capital controls factor in the conventional UIP to study the impact of macroeconomic variables under different types of shocks and different foreign exchange intervention scenarios. The results show that: the effects on the extent of fluctuations in exchange rates are not the same; contrast to discretional intervention, rule-based intervention would be more robust and cost saving; in response to shocks, discretional intervention had no significant effect, and rule-based intervention had stronger stabilization power; in addition, the foreign exchange intervention and monetary policy has a strong interaction in general equilibrium framework. Central bank should build foreign exchange intervention strategy, establish foreign exchange intervention target system, set the RMB exchange rate intervention interval, and select a reasonable and transparent intervention on this basis, quantify the effect of the intervention in order to guarantee the steady operation of the macro economy.
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Received: 18 April 2016
Published: 01 January 1900
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