摘要：This paper discusses the effectiveness in Brazil of the traditional instrument of exchange rate intervention (spot interventions) as well as an instrument based on exchange rate derivatives (foreign exchange swaps). We show that these instruments are capable of affecting the conditional mean of the process of the nominal exchange rate throughout our sample period, from January 2006 to April 2016. Our results are robust to different techniques of estimation (GMM in continuous time and in discrete time), specifications and sample periods.
关键词：Central Bank; intervention in the foreign exchange market; spot interventions; foreign exchange derivatives
