We thank the Czech National Bank, particularly former Governor Zdenek Tuma, for access to the proprietary official intraday reserve sales data and for invaluable discussions. We have also benefited greatly from discussions with Karel Bauer and Petr Frydrych of the Czech National Bank. The paper was presented at the ASSA meeting (Chicago), the Bank of Japan, the Federal Reserve Bank of St. Louis, and the IMF; we thank seminar participants as well as two anonymous referees and an editor of this journal for very helpful comments. Dominguez and Fatum are grateful to the International Policy Center at the Ford School of Public Policy and Social Sciences and Humanities Research Council of Canada (SSHRC), respectively, for financial support. Vacek gratefully acknowledges financial support from the Czech Science Foundation (grant no. P402/12/G097). Thomas Bridges and Brian Wojcik provided outstanding research assistance.
Do Sales of Foreign Exchange Reserves Lead to Currency Appreciation?
Version of Record online: 11 JUL 2013
© 2013 The Ohio State University
Journal of Money, Credit and Banking
Volume 45, Issue 5, pages 867–890, August 2013
How to Cite
DOMINGUEZ, K. M.E., FATUM, R. and VACEK, P. (2013), Do Sales of Foreign Exchange Reserves Lead to Currency Appreciation?. Journal of Money, Credit and Banking, 45: 867–890. doi: 10.1111/jmcb.12028
- Issue online: 11 JUL 2013
- Version of Record online: 11 JUL 2013
- Manuscript Accepted: 29 JUN 2012
- Manuscript Received: 1 AUG 2011
- International Policy Center at the Ford School of Public Policy and Social Sciences and Humanities Research Council of Canada (SSHRC)
- Czech Science Foundation. Grant Number: P402/12/G097
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