The use of futures exchange contracts instead of forwards completes the maturity spectrum of the correlation between the spot yield and the premium. We find that the forward premium puzzle (FFP) depends significantly on the maturity horizon of the futures contract and the choice of sampling...

This paper considers what we argue was the first experiment of a exchange rate band. This experiment took place in Austria-Hungary between 1896 and 1914. The rationale of introducing this policy rested on precisely those intuitions that modern target zone literature has recently emphasized: the...

This paper considers what we argue was the first experiment of an exchangerate band. This experiment took place in Austria-Hungary between 1896 and1914. The rationale for introducing this policy rested on precisely thoseintuitions that modern target zone literature has recently emphasized:...