| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1515 |
| DP1515 Business Formation and Aggregate Investment | |
| Christian Keuschnigg | |
| 发表日期 | 1996-11-30 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | In this paper we consider a regime where several target zones coexist. Parities are defended by manipulating money supplies in participating countries. As a result, interventions aimed at one given exchange rate influence other exchange rates as well. Such ?externalities? are shown to have dramatic implications; shocks on each fundamental affect the whole range of exchange rates involved, intra-marginal interventions arise endogenously, and the exchange rate distribution does not exhibit the u-shaped pattern which is typical of traditional target zone models. Moreover, we compute the stationary distribution of exchange rates and fundamentals, and show that both are influenced by the ?rules of the game?, i.e. currency used in interventions, sterilization procedures, etc. |
| 主题 | International Macroeconomics |
| 关键词 | Central bank intervention Key-currency regimes Target zone |
| URL | https://cepr.org/publications/dp1515 |
| 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/530654 |
| 推荐引用方式 GB/T 7714 | Christian Keuschnigg. DP1515 Business Formation and Aggregate Investment. 1996. |
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