| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3467 |
| 来源ID | Working Paper 3467 |
| Rational Speculative Bubbles in an Exchange Rate Target Zone | |
| Willem H. Buiter; Paolo A. Pesenti | |
| 发表日期 | 1990-10-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | The recent theory of exchange rate dynamics within a target zone holds that exchange rates under a currency bard are less responsive to fundamental shocks than exchange rates under a free float, provided that the intervention rules of the Central Bank(s) are common knowledge. These results are derived after having assumed a priori that excess volatility due to rational bubbles does not occur in the foreign exchange market. In this paper we consider instead a setup in which the existence of speculative behavior is a datum the Central Bank has to deal with. We show that the defense of the target zone in the presence of bubbles is viable if the Central Bank accommodates speculative attacks when the latter are consistent with the survival of the target zone itself and expectations are self-fulfilling. These results hold for a large class of exogenous and fundamental-dependent bubble processes. We show that the instantaneous volatility of exchange rates within a bard is not necessarily less than the volatility under free float and analyze the implications for interest rate differential dynamics. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w3467 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560762 |
| 推荐引用方式 GB/T 7714 | Willem H. Buiter,Paolo A. Pesenti. Rational Speculative Bubbles in an Exchange Rate Target Zone. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3467.pdf（459KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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