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Evaluating target zone models in EMS data

Authors
Publisher
Elsevier B.V.
Publication Date
Volume
52
Issue
2
Identifiers
DOI: 10.1016/s0165-1765(96)00845-2
Keywords
  • Exchange Rates
  • Target Zones
  • European Monetary System (Ems)

Abstract

Abstract Existing empirical analyses of target zone models in EMS data are flawed. They fail to allow for the multilateral nature of EMS institutions. This paper outlines briefly the shortcomings of existing tests, focusing on the so-called fat-tailed distribution result.

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