INTRAMARGINAL INTERVENTIONS, BANDS AND THE PATTERNS OF EMS EXCHANGE-RATE DISTRIBUTIONS

被引：12

作者：

BEETSMA, RMWJ ^{[1
]}

VANDERPLOEG, F ^{[1
]}

机构：

[1] UNIV AMSTERDAM,AMSTERDAM,NETHERLANDS

来源：

INTERNATIONAL ECONOMIC REVIEW | 1994年 / 35卷 / 03期

关键词：

D O I：

10.2307/2527075

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We document an empirical puzzle for EMS exchange rates during a period in which the bands on these exchanges rates were (almost) credible, i.e. exchange mte distributions are hump-shaped rather than U-shaped as predicted by the standard target zone model. We offer an explanation of this puzzle which is based on the combination of two realistic features, namely the presence of intramarginal interventions and wage/price sluggishness.

引用

页码：583 / 602

页数：20

共 22 条

[1]

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[2]

BEETSMA RMW, 1992, 725 CTR EC POL RES D

[3]

BERTOLA G, 1992, AM ECON REV, V82, P520

[4] STOCHASTIC DEVALUATION RISK AND THE EMPIRICAL FIT OF TARGET-ZONE MODELS [J].