Target Zones and Realignments
指出现有汇率目标区间模型与欧洲货币体系数据严重不符，并提出一个包含周期性重新调整的新模型，其预测与证据一致。
Recent contribution emphasize that the presence of exchange rate target zones has important effects on the within-band behaviour of exchange rates. We show that the implications of available models are strikingly inconsistent with European Monetary System data, and we propose a model of recurring realignments the predictions of which are consistent with the evidence.