Soft Exchange Rate Bands and Speculative Attacks : Theory, and Evidence from the ERM since August 1993 /
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 m...
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| 格式: | 雜誌 |
| 語言: | English |
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Washington, D.C. :
International Monetary Fund,
1998.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 1998/156 |
| 在線閱讀: | Full text available on IMF |