MARC Record from Library of Congress

LEADER: 01995cam a22003257a 4500
001 2005616472
003 DLC
005 20050216120804.0
007 cr |||||||||||
008 050202s1998 nyu sb f000 0 eng
010 $a 2005616472
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aBartolini, Leonardo.
245 10 $aSoft exchange rate bands and speculative attacks$h[electronic resource] :$btheory, and evidence from the ERM /$cLeonardo Bartolini and Alessandro Prati.
260 $a[New York, N.Y.] :$bFederal Reserve Bank of New York,$c[1998]
490 1 $aStaff reports ;$vno. 43
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 2/2/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We present a model of a "soft" exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates rather than the exchange rate's current level, thus allowing the rate to move within wide margins in the short run but within narrow margins in the long run. For realistic parameters, soft target zones are significantly less vulnerable to speculative attacks than "hard" target zones. These predictions are consistent with the ERM's experience and the abatement of speculative pressure in European markets since the bands' widening in 1993"--Federal Reserve Bank of New York web site.
650 0 $aForeign exchange rates$zEurope$xEconometric models.
650 0 $aDevaluation of currency$zEurope$xEconometric models.
650 0 $aMonetary policy$zEurope$xEconometric models.
700 1 $aPrati, Alessandro,$d1961-
710 2 $aFederal Reserve Bank of New York.
830 0 $aStaff reports (Federal Reserve Bank of New York : Online) ;$vno. 43.
856 40 $uhttp://www.ny.frb.org/research/staff_reports/sr43.html