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@techreport{NBERw17984,
 title = "Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century",
 author = "Bordo, Michael D and Humpage, Owen and Schwartz, Anna J",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "17984",
 year = "2012",
 month = "April",
 doi = {10.3386/w17984},
 URL = "http://www.nber.org/papers/w17984",
 abstract = {Foreign-exchange operations did not end after the United States stopped its activist approach to intervention.  Japan persisted in such operations, but avoided overt conflict with its monetary policy.  With the on-set of the Great Recession, Switzerland has transacted in foreign exchange both for monetary and exchange-rate purposes, and key central banks have used swap facilities to extended their lender-of-last-resort functions.  Developing and emerging market economies continue to intervene, but their actions may hamper the development of their own foreign-exchange markets.  China's undervalued exchange rate is producing inflation and real appreciation, despite China's efforts to sterilize its reserve accumulation.},
}