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| Author: | Serrat, A. |
| Title: | Exchange rate dynamics in a multilateral target zone |
| Journal: | Review of Economic Studies
2000 : JAN, VOL. 67:230, p. 193-211 |
| Index terms: | EMPLOYEE ATTITUDES MULTILATERAL TRADE ECONOMICS |
| Language: | eng |
| Abstract: | This paper presents a model of exchange rate behaviour in a multilateral target zone. The model produces new economic insights beyond the well-known bilateral model of Krugman (1991), which is obtained as a special case. The paper also introduces a new class of stochastic processes in economics, namely multidimensional reflected diffusion processes. The paper discusses the two main features that characterise the economics of exchange rates in a multilateral target zone. |
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