منابع مشابه
Choosing an Exchange Rate Regime
1The sequence within intermediate regimes is somewhat arbitrary. For example, if the band is as narrow as 2 4 % as in the European Exchange Rate Mechanism or even 1% as under Bretton Woods, then it would properly belong closer to the fixed-rate end of the spectrum. Similarly, if the adjustable peg involved a devaluation or revaluation every time a moderate shock came along, it would properly be...
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Economic Transition and the Exchange-Rate Regime Author(s): Jeffrey D. Sachs Reviewed work(s): Source: The American Economic Review, Vol. 86, No. 2, Papers and Proceedings of the Hundredth and Eighth Annual Meeting of the American Economic Association San Francisco, CA, January 5-7, 1996 (May, 1996), pp. 147-152 Published by: American Economic Association Stable URL: http://www.jstor.org/stable...
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The paper updates the answer to the question: what precisely is the exchange rate regime that China has put into place since 2005, when it announced a move away from the dollar peg? Is it a basket anchor with the possibility of cumulatable daily appreciations, as was announced at the time? We apply to this question a new approach to estimating countries’ de facto exchange rate regimes, a synthe...
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We extend the basic random walk Markov-Switching model in two ways and evaluate the out-of-sample forecasting performance on the Japanese yen during 1995-2004. First, we estimate both a twoand also a three-regime Markov switching models. Second, we add four exogenous variables as suggested in the monetary theory. According to the modified DieboldMariano forecast equivalence test, the result sho...
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ژورنال
عنوان ژورنال: Economic Policy
سال: 2007
ISSN: 0266-4658,1468-0327
DOI: 10.1111/j.1468-0327.2007.00185.x