Testing the Credibility of the Belgian Hard Currency Policy

Testing the Credibility of the Belgian Hard Currency Policy
Interest rate differentials have been widely used to assess the degree of policy credibility. A problem with this measure, however, is that the relationship between the differential and credibility varies not only across maturities but also with the actual level of the exchange rate. The alternative approach used in this paper, based on the... READ MORE...

Publication date: August 1991
ISBN 9781451850147
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