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Exchange Rate Targets and Currency Bands

Exchange Rate Targets and Currency Bands

$52.00

Paul Krugman, Marcus Miller, Robert P. Flood, Peter M. Garber, Paul Weller, Francisco Delgado, Bernard Dumas, Leonardo Bartolini, Masaki Ichikawa, Marcus Miller, Alan Sutherland, Marcus Miller, Alan Sutherland, Gregor W. Smith, Paul Krugman, Julio Rotemberg, Willem H. Buiter, Vittorio U. Grilli, Maurice Obstfeld, Giuseppe Bertola, Ricardo J. Caballero, Lars E. O. Svensson, Gregor W. Smith, Michael G. Spencer, Hossein Samiei
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  • Date Published: October 1992
  • availability: Available
  • format: Paperback
  • isbn: 9780521435260

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About the Authors
  • Research programs in economics usually emerge from the intersection between a new analytical approach and a real economic problem. In the past few years, such a program has emerged in international monetary economics, which is underpinned by a theoretical framework grounded in stochastic calculus and the increasing prominence in the real world of the international monetary arrangements under which national monetary authorities attempt to keep exchange rates within bands or "target zones." This new program of research also covers switches in exchange rate regimes. This volume from the Centre for Economic Policy Research (UK) and the National Bureau of Economic Research (US) includes contributions from most of the active participants in the development of this new field, and will serve as a useful introduction to this new research program.

    Reviews & endorsements

    "...to be welcomed as a timely dissemination of some of the essential contributions to the study of target zones." Karl Driessen, Finance & Development

    "In conclusion, the volume is an accurate picture of the recent (1990) state of the 'target zone' literature and will be useful to economists desirous of keeping abreast...." Stanley W. Black, Journal of Money, Credit, and Banking

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    Product details

    • Date Published: October 1992
    • format: Paperback
    • isbn: 9780521435260
    • length: 272 pages
    • dimensions: 229 x 152 x 16 mm
    • weight: 0.4kg
    • availability: Available
  • Table of Contents

    1. Editors' introduction Paul Krugman, and Marcus Miller
    Part I. Modelling Currency Bands:
    2. Exchange rates in a currency band: a sketch of the new approach Paul Krugman
    Part II. Currency Bands: Extending the Model:
    3. The linkage between speculative attack and target zone models of exchange rates: some extended results Robert P. Flood, and Peter M. Garber
    Discussion Paul Weller
    4. Target zones, broad and narrow Francisco Delgado, and Bernard Dumas
    Discussion Leonardo Bartolini
    Part III. Regime Shifts: The Return to Gold and Ems Entry:
    5. Stochastic process switching: some simple solutions
    6. Entering a preannounced currency band Masaki Ichikawa, Marcus Miller, and Alan Sutherland
    7. Britain's return to gold and entry into the EMS: joining conditions and credibility Marcus Miller, and Alan Sutherland
    Discussion Gregor W. Smith
    Part IV. Limited Reserves and Sustainability:
    8. Speculative attacks on target zones Paul Krugman, and Julio Rotemberg
    Discussion Bernard Dumas
    9. Anomalous speculative attacks on fixed exchange rate regimes: possible resolutions of the 'gold standard paradox' Willem H. Buiter, and Vittorio U. Grilli
    Discussion Maurice Obstfeld
    10. Sustainable intervention policies and exchange rate dynamics Giuseppe Bertola, and Ricardo J. Caballero
    Discussion Lars E. O. Svensson
    Part V. Estimation and Testing:
    11. Estimation and testing in models of exchange rate target zones and process switching Gregor W. Smith, and Michael G. Spencer
    Discussion Hossein Samiei.

  • Editors

    Paul Krugman
    fm.author_biographical_note1

    Marcus Miller
    fm.author_biographical_note2

    Contributors

    Paul Krugman, Marcus Miller, Robert P. Flood, Peter M. Garber, Paul Weller, Francisco Delgado, Bernard Dumas, Leonardo Bartolini, Masaki Ichikawa, Marcus Miller, Alan Sutherland, Marcus Miller, Alan Sutherland, Gregor W. Smith, Paul Krugman, Julio Rotemberg, Willem H. Buiter, Vittorio U. Grilli, Maurice Obstfeld, Giuseppe Bertola, Ricardo J. Caballero, Lars E. O. Svensson, Gregor W. Smith, Michael G. Spencer, Hossein Samiei

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