The narrative approach to macroeconomic identification uses qualitative sources, such as
newspapers or government records, to provide information that can help establish causal …

RESULTS We estimate equation (1) in the paper for various horizons for each of the
additional outcome measures. Because the series are monthly, we set K (the number of …

Long considered suboptimal, capital controls and FX interventions are now recognized as
prudential measures. Yet, whether they are used in combination remains an open question …

How did the Bank of England manage sterling crises? This book steps into the shoes of the
Bank's foreign exchange dealers to show how foreign exchange intervention worked in …

This study examines how changes in oil supply impact oil prices and China's
macroeconomy. We developed an estimator that uses OPEC's institutional characteristics …

Using newly assembled data on foreign exchange market intervention, we construct a daily
index of exchange market pressure during the 1992–3 crisis in the European Monetary …

The effectiveness of central bank intervention is debated and despite literature showing
mixed results, central banks regularly intervene in the foreign exchange market, both in …

Though most central banks actively intervene on the foreign exchange market, the literature
offers mixed evidence on their effectiveness: particularly for unannounced interventions. We …

We study the impact of foreign exchange interventions during periods of tight credit
constraints. Expanding on the Gabaix and Maggiori (2015) model, we predict that long-lived …

This paper evaluates the effectiveness of large language models (LLMs) in extracting
complex information from textual sources. We compare the performance of various LLMs …