Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/69522 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1827
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
Although the ERM II rules allow the Danish krone to fluctuate against the euro within an official target zone of 4.5%, most of the time the exchange rate has remained in a narrow range around its unconditional mean. Estimating a Smooth Transition Autoregression Target Zone (STARTZ) model confirms that the exchange rate exhibits target zone dynamics consistent with a band of approximately 0.75 percent around its unconditional mean. We conclude that the Danmark Nationalbank intervention policy of intra-marginal operations successfully managed an informal target zone in the foreign exchange market.
Schlagwörter: 
Target zone
STARTZ model
Intervention
JEL: 
E58
F31
G15
Dokumentart: 
Working Paper

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