Hidden Bibliographic Details
| Other authors / contributors: | Prati, Alessandro, 1961-
International Monetary Fund. Research Department.
|
|---|
| ISBN: | 1451902522
9781451902525
1462384188
9781462384181
1452712875
9781452712871
1282110616
9781282110618
9786613803504
6613803502
|
|---|
| Notes: | Includes bibliographical references (pages 28-29).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
|
|---|
| Summary: | We present a model of a "soft" exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate's current level, thus allowing the rate to move within wide margins in the short run, but within narrow margins in the long run. For realistic parameters, soft target zones are significantly less vulnerable to speculative attacks than "hard" target zones. These predictions are consistent with the ERM's experience and the abatement of speculative pressure in European markets since the bands' widening in 1993
|
|---|
| Other form: | Print version: Bartolini, Leonardo. Soft exchange rate bands and speculative attacks. [Washington, D.C.] : International Monetary Fund, Research Dept., ©1998
|
|---|
| Standard no.: | 10.5089/9781451902525.001
|
|---|
