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Target Zones and Realignments

Author

Listed:
  • Bertola, Giuseppe
  • Caballero, Ricardo

Abstract

Recent contribution emphasize that the presence of exchange rate target zones has important effects on the within-band behaviour of exchange rates. We show that the implications of available models are strikingly inconsistent with European Monetary System data, and we propose a model of recurring realignments the predictions of which are consistent with the evidence.

Suggested Citation

  • Bertola, Giuseppe & Caballero, Ricardo, 1990. "Target Zones and Realignments," CEPR Discussion Papers 398, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:398
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