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Target Zones and Realignments


  • Bertola, Giuseppe
  • Caballero, Ricardo


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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    References listed on IDEAS

    1. Baldwin, R. & Flam, H., 1989. "Strategic Trade Policies In The Market For 30-40 Seat Consumer Aircraft," Papers 431, Stockholm - International Economic Studies.
    2. Norman, Victor D., 1989. "Trade policy under imperfect competition Theoretical ambiguities -- empirical regularities?," European Economic Review, Elsevier, vol. 33(2-3), pages 473-479, March.
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