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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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: Journal of Development Economics
سال: 2001
ISSN: 0304-3878
DOI: 10.1016/s0304-3878(00)00151-6