“…On those papers, usually there is a discussion about the endogeneity around the FX interventions, which occurs in specific days, and we are going to analyze further this issue in our next section. The three main empirical strategies to address the endogeneity are instrumental variables (Stone et al (2009), de Freitas Vervloet (2010), Barroso & others (2014), Nedeljkovic & Saborowski (2017)), ArCo (Chamon et al (2017)) and, in a certain way, intraday data (Kohlscheen et al (2013), Janot & Macedo (2016),Santos ( 2021)). Across all those papers we have estimates from 0.1 to 1.18 percent for each USD 1 billion operation.…”