Cuaresma, Jesus Crespo; Égert, Balázs; MacDonald, Ronald - In: Focus on European Economic Integration (2004) 1, pp. 46-69
This study investigates exchange rate movements in the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) and in the Exchange Rate Mechanism II (ERM II). On the basis of the variant of the target zone model proposed by Bartolini and Prati (1999) and Bessec (2003), the authors...