NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy

Luis Felipe Céspedes, Roberto Chang, Andrés Velasco

NBER Working Paper No. 18431
Issued in October 2012

---- 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.

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