| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP421 |
| DP421 Exchange Rate Bands with Price Inertia | |
| Marcus Miller; Paul Weller | |
| 发表日期 | 1990-05-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | We formulate a stochastic, rational-expectations model of exchange rate determination, in which there are random shocks to the process of sluggish price adjustment. We examine the effects of imposing limits upon the range of variation of both nominal and real exchange rates and describe the intervention policies needed to defend the bands in each case. We consider the possibility that commitment to defend a particular nominal band may be less than fully credible, and we analyse the implications of operating certain rules for realignment. We contrast our results with those which arise in the Krugman model of a nominal band. |
| 主题 | International Macroeconomics |
| 关键词 | Currency band realignments Price inertia Stochastic process switching Target zones |
| URL | https://cepr.org/publications/dp421 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529577 |
| 推荐引用方式 GB/T 7714 | Marcus Miller,Paul Weller. DP421 Exchange Rate Bands with Price Inertia. 1990. |
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