{"id":"https://openalex.org/W2946444736","doi":"https://doi.org/10.1093/ereh/heaa011","title":"Dirty float or clean intervention? The Bank of England in the foreign exchange market","display_name":"Dirty float or clean intervention? The Bank of England in the foreign exchange market","publication_year":2020,"publication_date":"2020-07-29","ids":{"openalex":"https://openalex.org/W2946444736","doi":"https://doi.org/10.1093/ereh/heaa011","mag":"2946444736"},"language":"en","primary_location":{"id":"doi:10.1093/ereh/heaa011","doi":"https://doi.org/10.1093/ereh/heaa011","is_oa":false,"landing_page_url":"https://doi.org/10.1093/ereh/heaa011","pdf_url":null,"source":{"id":"https://openalex.org/S176820844","display_name":"European Review of Economic History","issn_l":"1361-4916","issn":["1361-4916","1474-0044"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Review of Economic History","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://osf.io/p4tbm/download","any_repository_has_fulltext":null},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5011598573","display_name":"Alain Naef","orcid":"https://orcid.org/0000-0001-7457-3539","observed_orcids":["https://orcid.org/0000-0001-7457-3539"]},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Alain Naef","raw_affiliation_strings":["Department of Economics, University of California, Evans Hall, Berkeley, CA 94720, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, University of California, Evans Hall, Berkeley, CA 94720, USA","institution_ids":["https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5011598573"],"corresponding_institution_ids":["https://openalex.org/I95457486"],"apc_list":{"value":3953,"currency":"EUR","value_usd":4468},"apc_paid":null,"fwci":4.8318,"has_fulltext":false,"cited_by_count":43,"citation_normalized_percentile":{"value":0.95071469,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":100},"biblio":{"volume":"25","issue":"1","first_page":"180","last_page":"201"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.5590999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.5590999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.43650001287460327,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/foreign-exchange-intervention","display_name":"foreign exchange intervention","score":0.8289999961853027},{"id":"https://openalex.org/keywords/bank-of-england","display_name":"Bank of England","score":0.9079999923706055},{"id":"https://openalex.org/keywords/exchange-rate-management","display_name":"exchange rate management","score":0.6980000138282776},{"id":"https://openalex.org/keywords/central-bank-credibility","display_name":"central bank credibility","score":0.6290000081062317},{"id":"https://openalex.org/keywords/sterling","display_name":"sterling","score":0.6520000100135803},{"id":"https://openalex.org/keywords/intervention-effectiveness","display_name":"intervention effectiveness","score":0.6299999952316284},{"id":"https://openalex.org/keywords/event-study","display_name":"event study","score":0.5180000066757202},{"id":"https://openalex.org/keywords/1960s","display_name":"1960s","score":0.6970000267028809}],"concepts":[{"id":"https://openalex.org/C2780337265","wikidata":"https://www.wikidata.org/wiki/Q185958","display_name":"Float (project management)","level":2,"score":0.8230605125427246},{"id":"https://openalex.org/C2780665704","wikidata":"https://www.wikidata.org/wiki/Q959298","display_name":"Intervention (counseling)","level":2,"score":0.7906941771507263},{"id":"https://openalex.org/C536366893","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange market","level":3,"score":0.7279034852981567},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5951693058013916},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.5743122100830078},{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.5653591752052307},{"id":"https://openalex.org/C121232785","wikidata":"https://www.wikidata.org/wiki/Q317617","display_name":"Foreign-exchange reserves","level":3,"score":0.5621488094329834},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.5234538912773132},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5008189678192139},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.4671565592288971},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.4242456555366516},{"id":"https://openalex.org/C38070178","wikidata":"https://www.wikidata.org/wiki/Q1164340","display_name":"Bank rate","level":4,"score":0.4200226664543152},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.41806313395500183},{"id":"https://openalex.org/C18547055","wikidata":"https://www.wikidata.org/wiki/Q47417","display_name":"International economics","level":1,"score":0.3464076519012451},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.32814711332321167},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.15414592623710632},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.07394665479660034},{"id":"https://openalex.org/C118552586","wikidata":"https://www.wikidata.org/wiki/Q7867","display_name":"Psychiatry","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1093/ereh/heaa011","doi":"https://doi.org/10.1093/ereh/heaa011","is_oa":false,"landing_page_url":"https://doi.org/10.1093/ereh/heaa011","pdf_url":null,"source":{"id":"https://openalex.org/S176820844","display_name":"European Review of Economic History","issn_l":"1361-4916","issn":["1361-4916","1474-0044"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","erih-plus","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"European Review of Economic History","raw_type":"journal-article"},{"id":"doi:10.31235/osf.io/p4tbm","doi":"https://doi.org/10.31235/osf.io/p4tbm","is_oa":true,"landing_page_url":"https://doi.org/10.31235/osf.io/p4tbm","pdf_url":"https://osf.io/p4tbm/download","source":null,"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:oup:ereveh:v:25:y:2021:i:1:p:180-201.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/ereh/heaa011","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:share.osf.io:E0138-857-479","doi":null,"is_oa":false,"landing_page_url":"http://doi.org/10.31235/OSF.IO/P4TBM","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"preprint"},{"id":"pmh:oai:share.osf.io:e548dbf4-25b0-4c76-81c5-fdb3189c1edc","doi":null,"is_oa":false,"landing_page_url":"https://osf.io/p4tbm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401238","display_name":"SocArXiv (OSF Preprints)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2799848540","host_organization_name":"Center for Open Science","host_organization_lineage":["https://openalex.org/I2799848540"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.31235/osf.io/p4tbm","doi":"https://doi.org/10.31235/osf.io/p4tbm","is_oa":true,"landing_page_url":"https://doi.org/10.31235/osf.io/p4tbm","pdf_url":"https://osf.io/p4tbm/download","source":null,"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","score":0.5299999713897705,"id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G248010919","display_name":"The Bank of England in the foreign exchange market \u2013 Half a century of daily operations","funder_award_id":"181320","funder_id":"https://openalex.org/F4320320924","funder_display_name":"Schweizerischer Nationalfonds zur F\u00f6rderung der Wissenschaftlichen Forschung"},{"id":"https://openalex.org/G606668604","display_name":null,"funder_award_id":"ESRC KFW/10324121/0","funder_id":"https://openalex.org/F4320334630","funder_display_name":"Economic and Social Research Council"}],"funders":[{"id":"https://openalex.org/F4320306076","display_name":"National Science Foundation","ror":"https://ror.org/021nxhr62"},{"id":"https://openalex.org/F4320320924","display_name":"Schweizerischer Nationalfonds zur F\u00f6rderung der Wissenschaftlichen Forschung","ror":"https://ror.org/00yjd3n13"},{"id":"https://openalex.org/F4320334630","display_name":"Economic and Social Research Council","ror":"https://ror.org/03n0ht308"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2946444736.pdf","grobid_xml":"https://content.openalex.org/works/W2946444736.grobid-xml"},"referenced_works_count":57,"referenced_works":["https://openalex.org/W244320728","https://openalex.org/W364204328","https://openalex.org/W387196064","https://openalex.org/W579378384","https://openalex.org/W655513372","https://openalex.org/W1485184612","https://openalex.org/W1526740931","https://openalex.org/W1533005432","https://openalex.org/W1599899511","https://openalex.org/W1601269172","https://openalex.org/W1737949979","https://openalex.org/W1980430734","https://openalex.org/W2009492905","https://openalex.org/W2022014126","https://openalex.org/W2035577117","https://openalex.org/W2074304959","https://openalex.org/W2076493930","https://openalex.org/W2080955461","https://openalex.org/W2091836084","https://openalex.org/W2092201170","https://openalex.org/W2097978788","https://openalex.org/W2104765608","https://openalex.org/W2138412172","https://openalex.org/W2157930147","https://openalex.org/W2248511380","https://openalex.org/W2335523090","https://openalex.org/W2606613564","https://openalex.org/W2767966796","https://openalex.org/W2778291960","https://openalex.org/W2801660951","https://openalex.org/W2889916631","https://openalex.org/W2890411554","https://openalex.org/W2921516685","https://openalex.org/W2973600808","https://openalex.org/W2991376457","https://openalex.org/W3014749491","https://openalex.org/W3122536865","https://openalex.org/W3122932365","https://openalex.org/W3123701064","https://openalex.org/W3123769562","https://openalex.org/W3124375080","https://openalex.org/W3124682187","https://openalex.org/W3124976919","https://openalex.org/W4200558553","https://openalex.org/W4230540480","https://openalex.org/W4239459777","https://openalex.org/W4247155393","https://openalex.org/W4248100152","https://openalex.org/W4248867811","https://openalex.org/W4255940583","https://openalex.org/W6636083644","https://openalex.org/W6659247994","https://openalex.org/W6668720217","https://openalex.org/W6678786699","https://openalex.org/W6689441167","https://openalex.org/W6746130202","https://openalex.org/W7027910149"],"related_works":["https://openalex.org/W3139822512","https://openalex.org/W3124480190","https://openalex.org/W3134546489","https://openalex.org/W2068766750","https://openalex.org/W3211675969","https://openalex.org/W7100778145","https://openalex.org/W1905692506","https://openalex.org/W2613890156","https://openalex.org/W1516512954","https://openalex.org/W3122858660"],"abstract_inverted_index":{"Abstract":[0],"The":[1,64],"effectiveness":[2],"of":[3,55,94,115],"central":[4,15],"bank":[5],"intervention":[6,33,42,59],"is":[7,48,67],"debated":[8],"and":[9,27,43,62,108],"despite":[10],"literature":[11],"showing":[12],"mixed":[13],"results,":[14],"banks":[16],"regularly":[17],"intervene":[18],"in":[19,25,73,105],"the":[20,49,53,69,92,106,109,113],"foreign":[21,31,57],"exchange":[22,32,44,58,77],"market,":[23],"both":[24],"developing":[26],"developed":[28],"economies.":[29],"Does":[30],"work?":[34],"Using":[35],"over":[36,79],"60,000":[37],"new":[38],"daily":[39],"observations":[40],"on":[41,123],"rates,":[45],"this":[46],"paper":[47],"first":[50],"to":[51,119],"study":[52],"Bank":[54,70,93,110],"England's":[56],"between":[60],"1952":[61],"1972.":[63],"main":[65],"finding":[66],"that":[68,80,88],"was":[71],"unsuccessful":[72],"managing":[74],"a":[75,99,121],"credible":[76],"rate":[78],"period.":[81],"Running":[82],"an":[83],"event":[84],"study,":[85],"I":[86],"demonstrate":[87],"betting":[89],"systematically":[90],"against":[91],"England":[95],"would":[96],"have":[97],"been":[98],"profitable":[100],"trading":[101],"strategy.":[102],"Pressures":[103],"increased":[104],"1960s":[107],"eventually":[111],"manipulated":[112],"publication":[114],"its":[116],"reserve":[117],"figures":[118],"avoid":[120],"run":[122],"sterling.":[124]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":5},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":24},{"year":2017,"cited_by_count":1}],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2019-05-29T00:00:00"}
