Testing Target-Zone Models Using Efficient Method of Moments
用更高效的计量方法检验汇率目标区间模型，从数据中识别隐含区间，并考察法国法郎/德国马克汇率在1987-1993年间的动态，发现存在更窄的非官方区间。
The objectives of this article are threefold—(1) to test target-zone models using more efficient and direct econometric methodology than previous research, (2) to identify an implicit band, if it exists, from observed data and to test target-zone models based on the estimated implicit band rather than the stated official band, and (3) to examine whether the exchange rate can be modeled as a managed float system with a central parity that lacks a band. We find strong evidence that a model with intramarginal intervention and a narrower implicit (unofficial) band can describe the dynamics of the French franc/Deutsche mark exchange rate from January 1, 1987–July 30, 1993.