G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1515
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
URLhttps://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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