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作者：Hallett, AH
作者单位：University of Strathclyde
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作者：Bagwell, K; Staiger, RW
作者单位：Columbia University; University of Wisconsin System; University of Wisconsin Madison
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作者：Corden, WM
作者单位：Johns Hopkins University
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作者：Hallett, AH
作者单位：University of Strathclyde
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作者：Nuti, DM
作者单位：Sapienza University Rome; University of London; London Business School
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作者：Disney, R
作者单位：University of London; Queen Mary University London
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作者：Campa, JM; Chang, PHK
作者单位：New York University; University of Southern California
摘要：This paper uses data on over-the-counter options between the mark and the pound, lira, French franc, and peseta to investigate the credibility of exchange I ate target zones within the ERM. We compare empirical implications for the relation between option prices and the spot's position within the band for three classes of target zone models: those with full credibility, those with exogenous realignment risk, and those with endogenous realignment risk. Empirically, implied volatility from these...
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作者：Corden, WM
作者单位：Johns Hopkins University
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作者：Bayoumi, T; Masson, PR
作者单位：International Monetary Fund
摘要：This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilisers within an economy. It argues that such stabilisers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the country as a whole, national fiscal stabilisers are not associated with the same increase in future tax liabilities for the region as local ones. Accordingly, the negative impact from the Ricardian effects a...
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作者：Disney, R
作者单位：University of London; Queen Mary University London
