@techreport{NBERw3601,
 title = "Target Zones Big and Small",
 author = "Francisco Delgado and Bernard Dumas",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "3601",
 year = "1991",
 month = "January",
 URL = "http://www.nber.org/papers/w3601",
 abstract = {Under different assumptions about the underlying monetary shocks, we study target zones of various widths and the effect they have on variables like the interest differential. The stochastic disturbances assumed are successively a non-zero mean random walk and a mean reverting process. The latter is used to incorporate the "leaning against the wind" policy (intrainarginal intervention) which is prevalent in the EMS.},
}