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...
| Autor Principal: | |
|---|---|
| Outros autores: | |
| Formato: | Revista |
| Idioma: | English |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
1998.
|
| Series: | IMF Working Papers; Working Paper ;
No. 1998/156 |
| Acceso en liña: | Full text available on IMF |