Abstract This paper analyses the impact of central bank interventions in the inflation targeting regime. The results of empirical studies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on the foreign exchange market with foreign exchange interventions, thereby preventing the sudden exchange rate depreciation, which would then require a smaller reaction by the interest rate. Namely, through foreign exchange interventions, the central bank greatly absorbs the depreciation shock and, consequently, inflation is lower. As a result of lower price growth, the need for a monetary policy response to an interest rate is also lower. Based on this example, we can see that central bank intervention in some cases can be very useful in order to correct disturbances in the foreign exchange market. Therefore, some central banks accumulate foreign exchange reserves at a very high level so as to have enough space for foreign exchange intervention, without the risk of falling foreign exchange reserves below the optimum level.

中文翻译：

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央行干预通胀目标

摘要 本文分析了央行干预对通胀目标制的影响。本文实证研究的结果表明，如果出现汇率震荡，导致汇率贬值，央行可能会决定通过外汇干预来增加外汇市场的不稳定性，从而防止汇率突然贬值，这将需要利率的较小反应。也就是说，通过外汇干预，央行大大吸收了贬值冲击，从而降低了通胀。由于价格增长较低，货币政策应对利率的需求也较低。基于这个例子，我们可以看到，在某些情况下，中央银行的干预对于纠正外汇市场的动荡非常有用。因此，一些央行将外汇储备积累在非常高的水平，以便有足够的外汇干预空间，而不会有外汇储备低于最佳水平的风险。