Intramarginal Interventions, Bands and The Pattern of EMS Exchange Rate Distributions  

Oleh:

Beetsma, Roel M. W. J. ; Ploeg, Frederick van der

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 35 no. 3 (1994), page 583-602.
Topik: exchange rate; intra marginal; interventions; bands; EMS exchange rate distributions

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

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 rate 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.

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