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Estimating the degree of interventionist policies in the run-up to EMU
[journal article]
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)