|
EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/26125
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Bauer, Christian | | en_US |
| dc.contributor.author | | De Grauwe, Paul | | en_US |
| dc.contributor.author | | Reitz, Stefan | | en_US |
| dc.date.accessioned | | 2008-01-02 | | en_US |
| dc.date.accessioned | | 2009-07-28T08:16:13Z | | - |
| dc.date.available | | 2009-07-28T08:16:13Z | | - |
| dc.date.issued | | 2007 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/26125 | | - |
| dc.description.abstract | | The target zone model of Krugman (1991) has failed empirically. In this paper, we develop a model of the exchange rate with heterogeneous agents in a free floating and a target zone regime. We show that this simple model mimics the empirical puzzles of exchange rates: excessive volatility, fat tails, volatility clustering, and disconnection from the fundamentals. In addition, the target zone regime replicates a reduced nominal volatility for the same level of fundamental volatility as in the free floating regime and the distribution of the exchange rate within the band is hump-shaped. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper 2080 | | en_US |
| dc.subject.jel | | F31 | | en_US |
| dc.subject.jel | | F41 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.stw | | Wechselkurs | | en_US |
| dc.subject.stw | | Target Zone | | en_US |
| dc.subject.stw | | Wertpapierhandel | | en_US |
| dc.subject.stw | | Anlageverhalten | | en_US |
| dc.subject.stw | | Agent-based Model | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Exchange rates dynamics in a target zone: a heterogeneous expectations approach | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 555917037 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|