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Target Zones Big and Small / Francisco Delgado, Bernard Dumas.
- Format:
- Book
- Author/Creator:
- Delgado, Francisco.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3601.
- NBER working paper series no. w3601
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1991.
- Summary:
- Under different assumptions about the underlying monetary shocks, we study target zones of various widths and the effect they have on variables like the interest differential. The stochastic disturbances assumed are successively a non-zero mean random walk and a mean reverting process. The latter is used to incorporate the "leaning against the wind" policy (intrainarginal intervention) which is prevalent in the EMS.
- Notes:
- Print version record
- January 1991.
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