TARGET ZONES AND INTEREST-RATE VARIABILITY

被引：59

作者：

SVENSSON, LEO ^{[1
]}

机构：

[1] NATL BUR ECON RES,CAMBRIDGE,MA 02138

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 1991年 / 31卷 / 1-2期

关键词：

D O I：

10.1016/0022-1996(91)90055-B

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

For narrow exchange rate bands, and for reasonable parameter values, the interest rate differential's asymptotic (unconditional) variability is increasing in the width of the exchange rate band; whereas for wide exchange rate bands it is slowly decreasing in the exchange rate band. The interest rate differential's instantaneous (conditional) variability is decreasing in the width of the exchange rate band. A narrow target zone differs from a completely fixed exchange rate regime in that the interest rate differential's instantaneous standard deviation is high and even increases when the zone narrows. © 1991.

引用

页码：27 / 54

页数：28

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