An Interpretation of Recent Research on Exchange Rate Target Zones
解读了近期关于汇率目标区的理论和实证研究，重点介绍其主要思想和结果，帮助读者理解汇率波动带与完全固定汇率之间的区别及优劣权衡。
How do exchange rate bands work compared to completely fixed rates (between realignments); or, more precisely, what are the dynamics of exchange rates, interest rates, and central bank interventions within exchange rate bands? Does the difference between bands and completely fixed exchange rates matter, and if so, which of the two arrangements is best; or, more precisely, what are the tradeoffs that determine the optimal bandwidth? This article will present an interpretation of some selected recent theoretical and empirical research on exchange rate target zones, with emphasis on main ideas and results and without technical detail.