Variable Probability of Realignment in a Target Zone
提出一个目标区域模型，其中调整概率随基本面偏离区域中心而增加，分析了基本面服从布朗运动或奥恩斯坦-乌伦贝克过程的情形，并得到稳健的“更陡S”解。
The target zone model presented here encompasses a realignment probability that increases as the fundamental deviates from the center of the zone. The analysis is carried out for cases where the fundamental follows either a Brownian motion or an Ornstein-Uhlenbeck process. The simplest version of the model yields tractable results, which prove to be robust when its most restrictive assumption is relaxed. The solution obtained is dubbed the steeper S, in accordance with its most relevant feature. Copyright 1994 by The editors of the Scandinavian Journal of Economics.