Under different assumptions about the underlying monetary shocks, we study target zones of various widths and the effect they have on variables like the interest differential. The stochastic disturbances assumed are successively a non-zero mean random walk and a mean reverting process. The latter is used to incorporate the "leaning against the wind" policy (intrainarginal intervention) which is prevalent in the EMS.
Krugman (1991) provided a rigorous economic argument for the merits of target zone exchange rate arr...
This paper analyzes the empirical fit of a new approach to exchange rate target zones. Unlike most o...
We present a simple behavioral model with chartists and fundamentalists and analyze their trading be...
We examine the effects of endogenously determined realignment expectations in a model of a target zo...
This dissertation deals with both theoretical and empirical issues in the target zone literature. Tw...
The trade-off between interest rate variability and the width of an exchange rate target zone is exa...
The first chapter of this dissertation analyzes a stochastic rational expectations macro model and t...
We develop an exchange rate target zone model with finite exit time and non-Gaussian tails. We show ...
We show that within Bertola and Svensson's second-generation target zone model, mean-reverting inter...
This paper studies the Mexican and Israeli experience with a target zone. The first part of the pape...
This paper develops an empirical model of exchange rates in a target zone. The distribution of excha...
The intervention policy of the Swedish Central Bank is studied using daily data on all intervention ...
From the classical gold standard up to the current ERM2 arrangement of the European Union, target zo...
Since the creation of the EMS in 1979 and the Louvre Accord in 1987, economists and policy makers ha...
In Dumas and Svensson (Journal of International Economics 36 (1994) 467) the lifetime of a Krugman ...
Krugman (1991) provided a rigorous economic argument for the merits of target zone exchange rate arr...
This paper analyzes the empirical fit of a new approach to exchange rate target zones. Unlike most o...
We present a simple behavioral model with chartists and fundamentalists and analyze their trading be...
We examine the effects of endogenously determined realignment expectations in a model of a target zo...
This dissertation deals with both theoretical and empirical issues in the target zone literature. Tw...
The trade-off between interest rate variability and the width of an exchange rate target zone is exa...
The first chapter of this dissertation analyzes a stochastic rational expectations macro model and t...
We develop an exchange rate target zone model with finite exit time and non-Gaussian tails. We show ...
We show that within Bertola and Svensson's second-generation target zone model, mean-reverting inter...
This paper studies the Mexican and Israeli experience with a target zone. The first part of the pape...
This paper develops an empirical model of exchange rates in a target zone. The distribution of excha...
The intervention policy of the Swedish Central Bank is studied using daily data on all intervention ...
From the classical gold standard up to the current ERM2 arrangement of the European Union, target zo...
Since the creation of the EMS in 1979 and the Louvre Accord in 1987, economists and policy makers ha...
In Dumas and Svensson (Journal of International Economics 36 (1994) 467) the lifetime of a Krugman ...
Krugman (1991) provided a rigorous economic argument for the merits of target zone exchange rate arr...
This paper analyzes the empirical fit of a new approach to exchange rate target zones. Unlike most o...
We present a simple behavioral model with chartists and fundamentalists and analyze their trading be...