The efficacy of foreign exchange intervention to international macroeconomic shocks: Evidence from Asian central banks

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.