Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy
NBER Working Paper No. 18431
---- Acknowledgements ----
We are indebted to participants of the Seventh Workshop of the Latin-American Finance Network, participants of seminars at the London Business School, the University of Maryland, and the Central Bank of Peru and especially Gian María Milesi-Ferretti and Anton Korinek, for insightful comments on a previous version which circulated with the title "Exchange Market Intervention as Unconventional Monetary Policy". The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.