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Estimating the degree of interventionist policies in the run-up to EMU

[journal article]

Sondermann, David
Trede, Mark
Wilfling, Bernd

Abstract

Based on a theoretical monetary exchange-rate model in continuous time this paper establishes a sequential estimation framework which is capable of indicating central bank intervention in the run-up to a currency union. Using daily pre-EMU exchange-rate data for the countries of the current euro zon... view more

Based on a theoretical monetary exchange-rate model in continuous time this paper establishes a sequential estimation framework which is capable of indicating central bank intervention in the run-up to a currency union. Using daily pre-EMU exchange-rate data for the countries of the current euro zone, we find mixed evidence of active pre-EMU intervention policies (so-called institutional frontloading strategies). Our estimation framework is highly relevant to economic and political agents operating in financial markets of the upcoming EMU accession countries.... view less

Classification
Economic Statistics, Econometrics, Business Informatics
European Politics
Economic Policy

Free Keywords
Exchange rates; EMU; continuous-time modeling; sequential estimation; institutional frontloading

Document language
English

Publication Year
2009

Page/Pages
p. 207-218

Journal
Applied Economics, 43 (2009) 2

DOI
https://doi.org/10.1080/00036840802481884

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.