The presence of target zone nonlinearities when narrower bands exist within official zones

Dirk Veestraeten

Applied Economics, 2007, vol. 39, issue 4, 449-452

Abstract: The presence of target zone nonlinearities is generally refuted in empirical research. We argue that this may be due to estimation being performed vis-a-vis official limits when monetary authorities are in fact targeting a narrower band. Estimation results for the Belgian and French franc confirm that nonlinearities are present when narrower zones are accounted for.

Date: 2007
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DOI: 10.1080/00036840500428104

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