{"id":"https://openalex.org/W2019030127","doi":"https://doi.org/10.1111/1468-0327.00016","title":"ERM bandwidths for EMU and after: evidence from foreign exchange options","display_name":"ERM bandwidths for EMU and after: evidence from foreign exchange options","publication_year":1997,"publication_date":"1997-04-01","ids":{"openalex":"https://openalex.org/W2019030127","doi":"https://doi.org/10.1111/1468-0327.00016","mag":"2019030127"},"language":"en","primary_location":{"id":"doi:10.1111/1468-0327.00016","doi":"https://doi.org/10.1111/1468-0327.00016","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1468-0327.00016","pdf_url":null,"source":{"id":"https://openalex.org/S99606308","display_name":"Economic Policy","issn_l":"0266-4658","issn":["0266-4658","1468-0327"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-2","ki-jl-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Policy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=513504","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5108206504","display_name":"Jose B. Campa","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1174212","display_name":"University of Southern California","ror":"https://ror.org/03taz7m60","country_code":"US","type":"education","lineage":["https://openalex.org/I1174212"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jose B. Campa","raw_affiliation_strings":["JP Morgan","New York University and NBER","University of Southern California"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"JP Morgan","institution_ids":[]},{"raw_affiliation_string":"New York University and NBER","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I57206974"]},{"raw_affiliation_string":"University of Southern California","institution_ids":["https://openalex.org/I1174212"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101626003","display_name":"P. H. KEVIN CHANG","orcid":"https://orcid.org/0000-0003-3302-8424","observed_orcids":["https://orcid.org/0000-0003-3302-8424"]},"institutions":[{"id":"https://openalex.org/I1174212","display_name":"University of Southern California","ror":"https://ror.org/03taz7m60","country_code":"US","type":"education","lineage":["https://openalex.org/I1174212"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"P.H. Kevin Chang","raw_affiliation_strings":["New York University and NBER; University of Southern California; JP Morgan","JP Morgan","New York University and NBER","University of Southern California"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University and NBER; University of Southern California; JP Morgan","institution_ids":["https://openalex.org/I1174212","https://openalex.org/I1321305853","https://openalex.org/I57206974"]},{"raw_affiliation_string":"JP Morgan","institution_ids":[]},{"raw_affiliation_string":"New York University and NBER","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I57206974"]},{"raw_affiliation_string":"University of Southern California","institution_ids":["https://openalex.org/I1174212"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5051815416","display_name":"Robert L. Reider","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1174212","display_name":"University of Southern California","ror":"https://ror.org/03taz7m60","country_code":"US","type":"education","lineage":["https://openalex.org/I1174212"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Robert L. Reider","raw_affiliation_strings":["New York University and NBER; University of Southern California; JP Morgan","JP Morgan","New York University and NBER","University of Southern California"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University and NBER; University of Southern California; JP Morgan","institution_ids":["https://openalex.org/I1174212","https://openalex.org/I1321305853","https://openalex.org/I57206974"]},{"raw_affiliation_string":"JP Morgan","institution_ids":[]},{"raw_affiliation_string":"New York University and NBER","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I57206974"]},{"raw_affiliation_string":"University of Southern California","institution_ids":["https://openalex.org/I1174212"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":6468,"currency":"EUR","value_usd":7310},"apc_paid":null,"fwci":8.1081,"has_fulltext":false,"cited_by_count":64,"citation_normalized_percentile":{"value":0.97097229,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"12","issue":"24","first_page":"53","last_page":"89"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9463000297546387,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9463000297546387,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.025499999523162842,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14166","display_name":"European Monetary and Fiscal Policies","score":0.010900000110268593,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/european-monetary-system","display_name":"European Monetary System","score":0.7200000286102295},{"id":"https://openalex.org/keywords/exchange-rate-bands","display_name":"exchange rate bands","score":0.8489999771118164},{"id":"https://openalex.org/keywords/currency-options","display_name":"currency options","score":0.6060000061988831},{"id":"https://openalex.org/keywords/speculative-pressure","display_name":"speculative pressure","score":0.7120000123977661},{"id":"https://openalex.org/keywords/exchange-rate-predictability","display_name":"exchange rate predictability","score":0.9470000267028809},{"id":"https://openalex.org/keywords/sterling-exchange-rate","display_name":"sterling exchange rate","score":0.492000013589859}],"concepts":[{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.5976651906967163},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5792635083198547},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5248037576675415},{"id":"https://openalex.org/C18547055","wikidata":"https://www.wikidata.org/wiki/Q47417","display_name":"International economics","level":1,"score":0.44684073328971863},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3546997904777527},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33807694911956787}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/1468-0327.00016","doi":"https://doi.org/10.1111/1468-0327.00016","is_oa":false,"landing_page_url":"https://doi.org/10.1111/1468-0327.00016","pdf_url":null,"source":{"id":"https://openalex.org/S99606308","display_name":"Economic Policy","issn_l":"0266-4658","issn":["0266-4658","1468-0327"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-2","ki-jl-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Policy","raw_type":"journal-article"},{"id":"mag:3123951379","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=513504","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"pmh:oai:RePEc:oup:ecpoli:v:12:y:1997:i:24:p:53-89.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1111/1468-0327.00016","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"mag:3123951379","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=513504","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":7,"referenced_works":["https://openalex.org/W1582557762","https://openalex.org/W1998705193","https://openalex.org/W2008556354","https://openalex.org/W2026454108","https://openalex.org/W2070720254","https://openalex.org/W2179356764","https://openalex.org/W3123319853"],"related_works":["https://openalex.org/W1493424713","https://openalex.org/W1509711980","https://openalex.org/W2095550709","https://openalex.org/W7098333383","https://openalex.org/W2040755515","https://openalex.org/W1581740327","https://openalex.org/W2061610851","https://openalex.org/W2041154499","https://openalex.org/W6926438740","https://openalex.org/W133886170"],"abstract_inverted_index":{"EMS":[0],"credibility":[1],"Exchange":[2],"rate":[3,52,141,167,172,186],"expectations":[4,173],"implied":[5],"by":[6,61,98],"derivatives":[7],"prices":[8],"Are":[9],"the":[10,15,44,47,62,66,83,99,109,120,148,165,175],"wide":[11,26],"bands":[12,27,123,132,156,180],"adopted":[13],"in":[14],"summer":[16],"of":[17,46,65,105,138,157,164,184],"1993":[18],"too":[19],"large?":[20],"The":[21,169],"official":[22],"answer":[23],"is":[24],"that":[25,81],"offer":[28],"a":[29,71,144,161],"protection":[30,74],"against":[31,75],"speculative":[32,76],"pressure,":[33],"while":[34],"exchange":[35,51,140,166,171,185],"rates":[36],"may":[37],"be":[38,87,96,127],"kept":[39],"within":[40],"narrower":[41,130],"margins":[42],"at":[43,135],"discretion":[45],"authorities.":[48],"Yet":[49],"if":[50],"fixity":[53],"and":[54,78,92,118,152,195],"predictability":[55],"are":[56,124,174],"desirable,":[57],"as":[58,88,90],"implicitly":[59],"assumed":[60],"mere":[63],"existence":[64],"system,":[67],"there":[68],"must":[69],"exist":[70],"trade-off":[72],"between":[73],"pressure":[77],"predictability.":[79],"In":[80],"case,":[82],"bandwidth":[84],"chosen":[85],"should":[86],"narrow":[89],"possible":[91],"yet":[93],"unlikely":[94],"to":[95,126,181],"challenged":[97],"markets.":[100],"This":[101],"paper":[102],"offers":[103],"estimates":[104],"\u2018safe\u2019":[106],"bandwidths.":[107],"For":[108,147],"long-term":[110],"member":[111],"currencies":[112],"(French":[113],"franc,":[114],"peseta,":[115],"Danish":[116],"krone":[117],"escudo),":[119],"existing":[121],"15%":[122],"found":[125],"unnecessarily":[128],"wide:":[129],"3.5%":[131],"would":[133,159],"capture":[134,160,182],"least":[136],"95%":[137,183],"expected":[139],"realizations":[142],"over":[143],"three-month":[145],"horizon.":[146],"lira,":[149],"Finnish":[150],"markka":[151],"Swedish":[153],"krone,":[154],"wider":[155],"5\u20136%":[158],"similar":[162],"amount":[163],"distribution.":[168],"pound's":[170],"most":[176],"dispersed,":[177],"requiring":[178],"8.4%":[179],"expectations.":[187],"\u2013Jos\u00e9":[188],"M.":[189],"Campa,":[190],"P.":[191],"H.":[192],"Kevin":[193],"Chang":[194],"Robert":[196],"L.":[197],"Reider":[198]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
