On the choice of an exchange regime: target zones revisited
J Rodríguez-López, H Rodríguez Mendizábal - 2002 - econpapers.repec.org
From the classical gold standard up to the current ERM2 arrangement of the European
Union, target zones have been a widely used exchange regime in contemporary history.
This paper presents a benchmark model that rationalizes the choice of target zones over the
rest of regimes: the fixed rate, the free float and the managed float. It is shown that the
monetary authority may gain efficiency by reducing volatility of both the exchange rate and
the interest rate at the same time. Furthermore, the model is consistent with some known …
Union, target zones have been a widely used exchange regime in contemporary history.
This paper presents a benchmark model that rationalizes the choice of target zones over the
rest of regimes: the fixed rate, the free float and the managed float. It is shown that the
monetary authority may gain efficiency by reducing volatility of both the exchange rate and
the interest rate at the same time. Furthermore, the model is consistent with some known …
[图书][B] On the choice of an exchange regime: Target zones revisited
JR López, HR Mendizábal - 2002 - pareto.uab.es
From the classical gold standard up to the current ERM2 arrangement of the European
Union, target zones have been a widely used exchange regime in contemporary history.
This paper presents a benchmark model that rationalizes the choice of target zones over the
rest of regimes: the fixed rate, the free float and the managed float. It is shown that the
monetary authority may gain efficiency by reducing volatility of both the exchange rate and
the interest rate at the same time. Furthermore, the model is consistent with some known …
Union, target zones have been a widely used exchange regime in contemporary history.
This paper presents a benchmark model that rationalizes the choice of target zones over the
rest of regimes: the fixed rate, the free float and the managed float. It is shown that the
monetary authority may gain efficiency by reducing volatility of both the exchange rate and
the interest rate at the same time. Furthermore, the model is consistent with some known …
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