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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "1994"

AuteursR.M.W.J. Beetsma, F. van der Ploeg
TitelIntramarginal interventions, bands and the pattern of EMS exchange rate distributions
TijdschriftInternational Economic Review
Jaargang35
Jaar1994
Nummer3
Pagina's583-602
ISSN0020-6598
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Research Institute in Economics and Econometrics Amsterdam (RESAM)
TrefwoordenExchange rates; EMS
SamenvattingThe authors document an empirical puzzle for European Monetary System exchange rates during a period in which the bands on these exchanges rates were (almost) credible, i.e., exchange rate distributions are hump-shaped rather than U-shaped as predicted by the standard target zone model. The authors offer an explanation of this puzzle that is based on the combination of two realistic features, namely the presence of intramarginal interventions and wage/price sluggishness.
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