Reading a Target Zone in Keynes's 'Indian Currency and Finance.'

Gregor Smith

Economic Journal, 1995, vol. 105, issue 430, 661-68

Abstract: The gold-exchange standard in India, 1893-1913, was characterized by a narrow target zone for the exchange rate, a wide annual range for the international interest-rate differential, and negative (seasonal) autocorrelation in interest rates. These properties are consistent with a standard target-zone model in which fundamentals are negatively autocorrelated on a Markov chain. Copyright 1995 by Royal Economic Society.

Date: 1995
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