Target zones in theory and history: Credibility, efficiency, and policy autonomy

• 成果类型: Article
• 署名作者: Flandreau, Marc; Komlos, John
• 署名单位: University of Munich
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.10.015
• 发表日期: 2006
• 页码: 1709-1725
• 关键词: target zone; market efficiency hypothesis; credibility; covered interest parity; Austria-Hungary

摘要

An experiment with an exchange-rate band in Austria-Hungary in the early 20th century provides a rare opportunity to discuss critical aspects of the theory of target zones. Providing a new derivation of the target zone model as a set of nested hypotheses, the inference is drawn that policy credibility and market efficiency were paramount in the success of the Austro-Hungarian experience. (c) 2006 Elsevier B.V. All rights reserved.