| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP718 |
| DP718 Why Have a Target Zone? | |
| Marcus Miller; Paul Krugman | |
| 发表日期 | 1992-10-10 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | The desire to avoid speculative runs on currencies appears to be one of the main reasons leading policy-makers to impose currency bands, but the standard analysis of target zones rules out any speculative inefficiencies by assumption. As an alternative we first present simple models of excess volatility due to stop-loss trading and then go on to consider what target zones might accomplish in this context. The principal result is that the speculation of informed traders shifts from being destabilizing to stabilizing, once the target zone assures them that stop-loss orders will not be triggered. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates Speculation Stabilization Target zones |
| URL | https://cepr.org/publications/dp718 |
| 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/529879 |
| 推荐引用方式 GB/T 7714 | Marcus Miller,Paul Krugman. DP718 Why Have a Target Zone?. 1992. |
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