Soft versus hard targets for exchange rate intervention
提出货币当局应捍卫近期汇率移动平均值的区间，而非即期汇率，这种软目标在短期更灵活，同时能防止货币政策持续宽松，相比硬目标更能抵御投机攻击。
type="main" xml:lang="en"> Exchange rate intervention by monetary authorities should defend a band not for the spot exchange rate, but for a moving average of its recent values. This target zone is soft, in that it allows greater short-run flexibility, but also rigorous: it still precludes any sustained easing of monetary policy. In comparison with conventional hard target zones for the spot exchange rate, we find considerable advantages for the rule we propose. In particular, without compromising long-run discipline, it increases resilience against speculative attacks, especially when shocks to exchange rate fundamentals are transitory.