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Target zones and international policy coordination : The contrast between the necessary and sufficient conditions for success

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  • Hallett, A. J. Hughes

Abstract

This paper distinguishes between some obvious necessary and sufficient conditions for adopting the target zone proposal as a means of improving macroeconomic performance. The necessary conditions may be satisfied fairly easily, but it is a good deal more difficult to design a targeting system that satisfies the sufficient conditions when the exchange rate is used as an intermediate target. On that criterion the gains may be smaller than previously estimated. Target Zones do, however, have important practical advantages. They are effective in promoting stability. They are also a simple but relatively uncontroversial way to secure the coordination necessary to stop policymakers from adopting inefficient or undesirably competitive polici.

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Bibliographic Info

Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 36 (1992)
Issue (Month): 4 (May)
Pages: 893-914

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Handle: RePEc:eee:eecrev:v:36:y:1992:i:4:p:893-914

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Cited by:
  1. Creel, Jerome & Capoen, Fabrice & Cussy, Pascal & Lenoble-Liaud, Helene, 2003. "How to manage financial shocks: Intra-European vs. international monetary coordination," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 431-455, December.
  2. Hughes Hallett, Andrew & Richter, Christian, 2004. "Estimating an equilibrium exchange rate for the dollar and other key currencies," Economic Modelling, Elsevier, vol. 21(6), pages 1117-1144, December.
  3. Christodoulakis, Nicos & Garratt, Anthony & Currie, David, 1996. "Target zones and alternative proposals for G3 policy coordination: An empirical evaluation using GEM," Journal of Macroeconomics, Elsevier, vol. 18(1), pages 49-68.
  4. Peter Mooslechner & Martin Schuerz, 1999. "International Macroeconomic Policy Coordination: Any Lessons for EMU? A Selective Survey of the Literature," Empirica, Springer, vol. 26(3), pages 171-199, September.
  5. Andrew Hallett & Nicola Viegi, 2002. "Inflation Targeting as a Coordination Device," Open Economies Review, Springer, vol. 13(4), pages 341-362, October.
  6. A.J. Hallet, 1998. "When Do Target Zones Work? An Examination of Exchange Rate Targeting as a Device for Coordinating Economic Policies," Open Economies Review, Springer, vol. 9(2), pages 115-138, April.
  7. Douven, R.C.M.H. & Engwerda, J.C., 1995. "Is there room for convergence in the E.C.?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-153486, Tilburg University.
  8. Douven, R. C. & Plasmans, J. E. J., 1996. "SLIM, a small linear interdependent model of eight EU-member states, the USA and Japan," Economic Modelling, Elsevier, vol. 13(2), pages 185-233, April.

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