MUSCATELLI, V. Anton; TIRELLI, Patrizio; TRECROCI, Carmine - In: Annales d'Economie et de Statistique (2002) 67-68, pp. 389-414
We estimate forward-looking interest-rate reaction functions Exchange Rate Model for four ERM countries. Reputational factors and convergence to the German inflation rate are found to be the main policy goals. We cannot detect evidence that the target zone band was exploited to implement...