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Stochastic Process Switching and Intervention in Exchange Rate Target Zones: Empirical Evidence from the EMS

Weber, Axel A - C.E.P.R. Discussion Papers - 1991

Exchange rate target zone models postulate that `in the absence of intervention' exchange rates are driven by their …. The possibility of policy intervention in foreign exchange markets, however, may lead to stochastic process switching: in … intervention may add to these stabilizing effects. On the other hand, in target zones which are imperfectly credible, policy …

Persistent link: https://www.econbiz.de/10005067351

Stage Two: Feasible Transitions to EMU

Artis, Michael J - C.E.P.R. Discussion Papers - 1994

This paper addresses the issue of the transition from Stage Two of EMU to Stage Three. The criteria established in the Maastricht Treaty for this transition include an ERM qualification. Under this criterion a participating country would have had to maintain its position in the normal bands of...

Persistent link: https://www.econbiz.de/10005497747

Exchange Rate Volatility and Intervention: Implications of the Theory of Optimum Currency Areas

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1998

exchange rate variability and intervention across countries. But OCA considerations affect exchange market pressures and … intervention in different ways. Exchange market pressures mainly reflect asymmetric shocks, while intervention largely reflects the …). Intervention and exchange market pressure also vary with the structure of the international monetary system. …

Persistent link: https://www.econbiz.de/10005656116

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

Monetary Policy in the Media

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2011

Just like private companies depend crucially on their ability to reach customers, policymakers must communicate with private agents to be successful--and much of this communication is channeled through the media. This is especially true for central banks because the effectiveness of monetary...

Persistent link: https://www.econbiz.de/10008854477