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The presence of target zone nonlinearities when narrower bands exist within official zones

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The presence of target zone nonlinearities is generally refuted in empirical research. We argue that this may be due to estimation being performed vis-à-vis official limits when monetary authorities are in fact targeting a narrower band. Estimation results for the Belgian and French franc confirm that nonlinearities are present when narrower zones are accounted for.

Document Type: Research Article


Affiliations: Faculty of Economics and Econometrics, Department of Economics, University of Amsterdam, 1018 WB Amsterdam, The Netherlands

Publication date: 2007-03-01

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