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dc.contributor.authorBauer, Christianen
dc.contributor.authorDe Grauwe, Paulen
dc.contributor.authorReitz, Stefanen
dc.date.accessioned2008-01-02-
dc.date.accessioned2009-07-28T08:16:13Z-
dc.date.available2009-07-28T08:16:13Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/26125-
dc.description.abstractThe 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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2080en
dc.subject.jelF31en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.stwWechselkursen
dc.subject.stwTarget Zoneen
dc.subject.stwWertpapierhandelen
dc.subject.stwAnlageverhaltenen
dc.subject.stwAgent-based Modelen
dc.subject.stwTheorieen
dc.titleExchange rates dynamics in a target zone: a heterogeneous expectations approach-
dc.typeWorking Paperen
dc.identifier.ppn555917037en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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