How Powerful is Unannounced, Sterilized Foreign Exchange Intervention?

Foreign exchange intervention in Colombia

This paper describes the Banco de la República’s FX intervention policy, with a focus on its objectives and main features. It then argues, based on a review of the literature on the effectiveness of sterilized intervention in Colombia, that this tool is not a useful way of coping with the challenges posed by medium-term external factors such as quantitative easing in advanced economies, reduced...

How Is Foreign Aid Spent ?

It is notoriously difficult to measure the causal impact of foreign aid on the economy. The “micro-macro paradox” (Paul Mosley 1986) renders it impossible to add up the effects of individual aid projects, since foreign aid is fungible. Thus, researchers are left to conduct cross-country analyses to capture the effect of aid on economic growth and other outcomes net of the recipient governments’...

How powerful is your evolutionary, algorithm?

How Powerful is Adiabatic Quantum Computation?

We analyze the computational power and limitations of the recently proposed ‘quantum adiabatic evolution algorithm’.

Technical Trading Rule Pro tability and Foreign Exchange Intervention

There is reliable evidence that simple rules used by traders have some predictive value over the future movement of foreign exchange prices. This paper will review some of this evidence and discuss the economic magnitude of this predictability. The pro tability of these trading rules will then be analyzed in connection with central bank activity using intervention data from the Federal Reserve....