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The presence of target zone nonlinearities when narrower bands exist within official zones

[journal article]

Veestraeten, Dirk

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Abstract The presence of target zone nonlinearities is generally refuted in empirical research. We argue that this may be due to estimation being performed vis-à-vis official limits when monetary authorities in fact are targeting a narrower band. Estimation results for the Belgian and French franc confirm that nonlinearities are present when narrower zones are accounted for.
Document language English
Publication Year 2007
Page/Pages p. 449-452
Journal Applied Economics, 39 (2007) 4
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)