FIXING SOFT MARGINS
成果类型：
Article
署名作者：
KOFMAN, P; DEVAAL, A; DEVRIES, CG
署名单位：
Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90055-3
发表日期：
1993
页码：
359-374
关键词：
摘要：
Non-parametric tolerance limits are employed to calculate soft margins such as advocated in Williamson's target zone proposal. In particular, the tradeoff between softness and zone width is quantified. This may be helpful in choosing appropriate margins. Furthermore, it offers policymakers a framework for reference in the case of changing exchange rate policy. The empirical applications include an evaluation of the EMS zone width. We also show that the procedures for calculating the soft margins are robust against alternative data-generating mechanisms.