O impacto das intervenções cambiais sobre a volatilidade da taxa de câmbio Real-Dólar.

The effects of central bank interventions on the exchange rate have been widely studied. There are a number of studies dealing with the effects of these interventions on the level and volatility of the exchange rate in developed countries. In this paper, we decompose the total variability of the daily return of the BRL-USD exchange rate into continuous and jumping components, and then analyze the effects of the interventions of the Central Bank of Brazil (BCB) for these components. For this, we use data referring to the BRL-USD exchange rate quoted every 30 minutes for the period between May 7, 2008 and June 12, 2017. The results shows that BCB interventions reduce exchange rate volatility two periods before their occurrence. In relation to the jumps, they contribute to the reduction of the jumps in the volatility of the real dollar exchange rate in the period. [ABSTRACT FROM AUTHOR]