TARGET ZONES AND THE DISTRIBUTION OF EXCHANGE-RATES - AN ESTIMATION METHOD

被引：7

作者：

CHEN, Z ^{[1
]}

GIOVANNINI, A ^{[1
]}

机构：

[1] COLUMBIA UNIV,622 URIS HALL,NEW YORK,NY 10027

来源：

ECONOMICS LETTERS | 1992年 / 40卷 / 01期

关键词：

D O I：

10.1016/0165-1765(92)90249-X

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a parsimonious parameterization of exchange rate density function under target zones that enables us to estimate the approximate shapes of density curves from the exchange rate data. We find that the distributions of exchange rates can take several different shapes, which may correspond to possibly widely different monetary and exchange-rate intervention policies, including the marginal and intramarginal intervention policies discussed in previous theoretical models.

引用

页码：83 / 89

页数：7

共 9 条

[1]

BERTOLA G, 1990, CEPR398 WORK PAP

[2]

BERTOLA G, 1989, TARGET ZONES REALIGN

[3]

FLOOD RP, 1990, IN PRESS CARNEGIE RO

[4]

JOHNSON NL, 1949, BIOMETRIKA, V36, P149, DOI 10.1093/biomet/36.1-2.149

[5]

Johnson NL., 1970, DISTRIBUTIONS STAT C

[6]

KRUGMAN P, 1988, IN PRESS Q J EC

[7]

LINDBERG H, 1991, UNPUB TARGET ZONE MO

[8] TARGET ZONES AND INTEREST-RATE VARIABILITY [J].

SVENSSON, LEO .

JOURNAL OF INTERNATIONAL ECONOMICS, 1991, 31 (1-2) :27-54

[9]

SVENSSON LEO, 1991, INT MONET FUND S PAP, V38, P655

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