An heterogeneous expectations target zone model * ́
نویسنده
چکیده
This paper studies the credibility of a target zone considering the existence of heterogeneous expectations in the foreign exchange market. In general, we consider two types of agents: credible and non-credible agents (i.e. fundamentalists). One of the main results of the model is the possibility of collapse of a target zone as a function of expectations. This implies the existence of an endogenous realignment risk. 2000 Elsevier Science S.A. All rights reserved.
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تاریخ انتشار 2000