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Estimating the degree of interventionist policies in the run-up to EMU
[Zeitschriftenartikel]
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... mehr
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.... weniger
Klassifikation
Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Europapolitik
Wirtschaftspolitik
Freie Schlagwörter
Exchange rates; EMU; continuous-time modeling; sequential estimation; institutional frontloading
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
S. 207-218
Zeitschriftentitel
Applied Economics, 43 (2009) 2
DOI
https://doi.org/10.1080/00036840802481884
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)