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Exchange Rate Targets and Currency Bands - Paul Krugman

Exchange Rate Targets and Currency Bands

By: Paul Krugman (Editor), Marcus Miller (Editor)

Paperback

Published: 21st December 1992
RRP $56.95
$52.40
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Research programmes in economics usually emerge from the intersection between a new analytical approach and a real economic problem. In the last few years, such a programme has emerged in international monetary economics, which is underpinned by a theoretical framework grounded in stochastic calculus and the increasing prominence in the real world of the international monetary arrangements under which national monetary authorities attempt to keep exchange rates within bands or 'target zones'. This new programme of research also covers switches in exchange rate regimes. This volume from the Centre for economic Policy Research and the National Bureau of Economic Research includes contributions - as authors or discussants - from most of the active participants in the development of this new field, and will serve as a useful introduction and basic text for this new research programme. It opens with an account of the basic economic model of a currency band developed by Paul Krugman, which is followed by two papers that extend this approach. Other chapters study the regime switches entailed in Britain's return to the gold standard in 1925 and the preannounced entry of a floating currency into a band such as the EMS. Essays on sustainability and realignment consider the possible outcomes of speculative attacks on such bands, and the volume ends with a paper on econometric testing of models of this type.

"...to be welcomed as a timely dissemination of some of the essential contributions to the study of target zones." Karl Driessen, Finance & Development "In conclusion, the volume is an accurate picture of the recent (1990) state of the 'target zone' literature and will be useful to economists desirous of keeping abreast..." Stanley W. Black, Journal of Money, Credit, and Banking

Editors+ introduction
Modelling Currency Bands
Exchange rates in a currency band: a sketch of the new approach
Currency Bands: Extending the Model
The linkage between speculative attack and target zone models of exchange rates: some extended results
Discussion
Target zones, broad and narrow
Discussion
Regime Shifts: The Return to Gold and Ems Entry
Stochastic process switching: some simple solutions
Entering a preannounced currency band
Britain+s return to gold and entry into the EMS: joining conditions and credibility
Discussion
Limited Reserves and Sustainability
Speculative attacks on target zones
Discussion
Anomalous speculative attacks on fixed exchange rate regimes: possible resolutions of the +gold standard paradox+
Discussion
Sustainable intervention policies and exchange rate dynamics
Estimation and Testing
Estimation and testing in models of exchange rate target zones and process switching
Discussion
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521435260
ISBN-10: 0521435269
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 272
Published: 21st December 1992
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.6
Weight (kg): 0.4