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Target zones in History and Theory : efficiency, credibility and policy autonomy

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Abstract

A natural experiment with an exchange-rate band in Austria-Hungary in the early 20th century provides a rare opportunity to discuss critical aspects of the theory of target zones. Providing a new derivation of the target zone model as a set of nested hypotheses, the inference is drawn that policy credibility and market efficiency were paramount in the success of the Austro-Hungarian experience.
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Dates and versions

hal-01065605 , version 1 (18-09-2014)

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  • HAL Id : hal-01065605 , version 1
  • SCIENCESPO : 2441/602

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Marc Flandreau, John Komlos. Target zones in History and Theory : efficiency, credibility and policy autonomy. 2005. ⟨hal-01065605⟩

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