Reading a Target Zone in Keynes's Indian Currency and Finance
The gold-exchange standard in India 1893-1913 was characterized by a narrow target zone for the exchange rate, a wide annual range for the international interest-rate differential, and negative (seasonal) autocorrelation in interest rates. These properties are consistent with a standard target-zone model in which fundamentals are negatively autocorrelated on a Markov chain.
|Date of creation:||Aug 1994|
|Date of revision:|
|Publication status:||forthcoming in the Economic Journal|
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