というNBER論文をジェフリー・フランケルが書いている(ungated版、原題は「Systematic Managed Floating」)。以下はその要旨。 A majority of countries neither freely float their currencies nor firmly peg. But most of the remainder in practice also don’t obey such well-defined intermediate exchange rate regimes as target zones. This paper proposes to define an intermediate regime, to be called “systematic managed floating,” as an arrangement wh