Intramarginal Interventions, Bands and the Pattern of EMS Exchange Rate Distributions
发现欧洲货币体系汇率在可信汇率带期间呈驼峰形分布，而非标准目标区模型预测的U形，并用边界内干预和工资价格粘性解释这一谜题。
The authors document an empirical puzzle for European Monetary System exchange rates during a period in which the bands on these exchanges rates were (almost) credible, i.e., exchange rate distributions are hump-shaped rather than U-shaped as predicted by the standard target zone model. The authors offer an explanation of this puzzle that is based on the combination of two realistic features, namely the presence of intramarginal interventions and wage/price sluggishness.