The most successful paper Krugman ever wrote was about target zones, and it was completely wrong.
Gerhard Schröder, Germany's newly elected chancellor, wants "target zones" for the world's main currencies.
(Serious econowonks may recognize the affinity with the old target zones literature).
"People loved it as an academic thing, but it had some very strong predictions about interest rates inside target zones.
Governments were advised to declare "target zones" for exchange rates and to buy or sell currencies whenever needed to keep exchange rates within these zones moving the target zones as fundamental economic conditions changed.
A formalized method of stabilizing exchange rates, such as setting target zones, cannot be introduced at present.
Mr Blakely made a splash at first with a plan to focus investment on 17 "target zones".
I was showing that if target zones worked the way that people say they're supposed to work, then this is how it would play out".
Two target zones were struck north and east of Jalalabad on Wednesday, the Pentagon said in its daily update of the previous 24 hours of bombing.
If Isis had pre-positioned forces, then these forces likely now occupy their current target zones, which would allow the ISIS advance to continue.
The grandest notions such as the German call for target zones or the French idea that other regions should emulate Europe's single-currency block are simply fanciful.
