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Change in the persistence of the real exchange rates

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  • Sergio Gabas
  • Maria-Dolores Gadea
  • Antonio Montanes

Abstract

We investigate the existence of multiple structural changes in the persistence of a broad sample of Real Exchange Rate (RER) using a new methodology proposed by Kejriwal et al. (2009). The application of this procedure shows that RER persistence has been unstable during the twentieth century. Yoon (2009) reaches the noteworthy conclusion that stationary RERs are more likely to be found in fixed nominal exchange rate regimes than in floating ones. Nevertheless, we find no support for this conclusion when the deterministic trend is withdrawn from the equation specification and the sample is extended by a decade with data belonging to the current float.

Suggested Citation

  • Sergio Gabas & Maria-Dolores Gadea & Antonio Montanes, 2011. "Change in the persistence of the real exchange rates," Applied Economics Letters, Taylor & Francis Journals, vol. 18(2), pages 189-192.
    • Handle: RePEc:taf:apeclt:v:18:y:2011:i:2:p:189-192
    DOI: 10.1080/13504850903508333
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    Cited by:

    1. Giorgio Canarella & Rangan Gupta & Stephen M. Miller & Stephen K. Pollard, 2019. "Unemployment rate hysteresis and the great recession: exploring the metropolitan evidence," Empirical Economics, Springer, vol. 56(1), pages 61-79, January.

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