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Exchange Rates in Target Zones : Evidence from the Danish Krone

Stefan ReitzMark P. Taylor

出版	Kiel Institute for the World Economy (IfW), 2013
URL	http://books.google.com.hk/books?id=yiRyAQAACAAJ&hl=&source=gbs_api

註釋

Although the ERM II rules allow the Danish krone to fluctuate against the euro within an official target zone of 4.5%, most of the time the exchange rate has remained in a narrow range around its unconditional mean. Estimating a Smooth Transition Autoregression Target Zone (STARTZ) model confirms that the exchange rate exhibits target zone dynamics consistent with a band of approximately 0.75 percent around its unconditional mean. We conclude that the Danmark Nationalbank intervention policy of intra-marginal operations successfully managed an informal target zone in the foreign exchange market.