Other publications may include books, quarterly reviews, annual reports and economic bulletins from the ECB, PhD theses and Danmarks Nationalbank’s policies.

Monetary policy

Effects of Danmarks Nationalbank´s interventions in the foreign exchange market

The article shows that Danmarks Nationalbank's interventions constitute an effective instrument to stabilise the exchange rate. This applies both in periods of calm in the foreign exchange market for Danish kroner and in periods of considerable pressure on the krone to either appreciate or depreciate against the euro. There are indications of a slightly greater impact on the exchange rate when Danmarks Nationalbank intervenes compared to when private agents trade kroner against foreign exchange. This may reflect that market participants see interventions as a sign of potential, imminent interest rate change.