haku: @author Kempa, B. / yhteensä: 2
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| Tekijä: | Kempa, B. Nelles, M. |
| Otsikko: | Misalignments of real exchange rates and the credibility of nominal currency bands |
| Lehti: | World Economy
1999 : VOL. 135:4, p. 613-628 |
| Asiasana: | ECONOMICS EXCHANGE RATES CURRENCY |
| Kieli: | eng |
| Tiivistelmä: | Most theoretical work in the field of international monetary economics has focused on either perfectly fixed or perfectly flexible exchange rate regimes. In contrast, real world exchange rate systems are most often characterized by hybrid structures in the form of a managed float or exchange rate target zones, which combine elements of both these systems. This paper endogenizes realignment risk in target zones by stipulating a direct link between misalignments of real exchange rates and realignment expectations of nominal currency bands in such a way that expectations regarding the future convergence of real exchange rates to their respective equilibrium levels translate into expectations regarding adjustments of nominal exchange rates as long as price levels are sufficiently sluggish. |
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