Intervention Policy and Mean Reversion in Exchange Rate Target Zones: The Swedish Case
利用瑞典央行1980年代末的每日干预数据，发现干预几乎每天发生且遍布整个汇率带，据此估计含边界内干预的汇率目标区模型，解释了汇率分布的驼峰形状和缺乏非线性的现象。
The intervention policy of the Swedish central bank is studied using daily intervention data for the late 1980s. In contrast to the first generation of target zone models, the authors find that the interventions occur all over the exchange rate band and almost every day. Based on this evidence, they estimate an exchange rate target zone model with intramarginal interventions. The results go a long way towards explaining the well-established hump-shaped exchange rate distribution and lack of nonlinearities. Copyright 1994 by The editors of the Scandinavian Journal of Economics.