English, Article, Journal or magazine article edition: Target Zones with Limited Reserves Paul Krugman; Julio Rotemberg

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Bookmark: http://trove.nla.gov.au/version/141586
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Target Zones with Limited Reserves
Author
  • Paul Krugman
  • Julio Rotemberg
Physical Description
  • preprint
Notes
  • Like a fixed exchange rate, a target zone system may be subject to speculative attacks when the reserves of the central bank are limited. This paper analyzes such speculative attacks and their implications; it shows that the recently developed "smooth pasting" model of target zones should be viewed as a special case that emerges only when reserves are sufficiently large. The paper then uses the target zone framework to resolve a seeming paradox in predicting speculative attacks on a gold standard, arguing that such a standard may best be viewed as the boundary between one-sided target zones.
  • RePEc:nbr:nberwo:3418
Language
  • English
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