Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992
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The paper presents estimates of devaluation expectations for six EMS currencies relative to the Deutsche mark, for the period March 1979-May 1990. The estimation method is simple and operational, and consistently generates sensible results. The estimates are constructed by the adjusting interest
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美国国家经济研究局创建时间：
1991-07-01
