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 mo...
Main Author: | Bartolini, Leonardo |
---|---|
Other Authors: | Prati, Alessandro |
Format: | eBook |
Language: | English |
Published: |
New York, N.Y. :
Federal Reserve Bank of New York,
1998
|
Subjects: | |
Online Access: | https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr43.pdf |
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