作者：BEETSMA, RMWJ; VANDERPLOEG, F
作者单位：University of Amsterdam
摘要：We document an empirical puzzle for EMS exchange rates during a period in which the bands on these exchanges rates were (almost) credible, i.e. exchange mte distributions are hump-shaped rather than U-shaped as predicted by the standard target zone model. We offer an explanation of this puzzle which is based on the combination of two realistic features, namely the presence of intramarginal interventions and wage/price sluggishness.
