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- W1988656406 abstract "Abstract This paper studies the relationship among Italian, Spanish and United Kingdom prices over the period 1874–1998, for most of which the currencies of these three countries maintained a floating exchange rate regime. By using cointegration techniques with broken linear trends, we find a single vector for the period 1874–1935 and two vectors and, consequently, a single common trend for the period 1940–1998. Therefore, this paper provides new evidence of no long-run monetary independence under floating regimes. Furthermore, the price differential dynamics captured by deterministic trends in the period 1940–1998, as well as agreeing with the evidence of long-run transmission of interest rates in the floating post-Bretton Woods era, fit in perfectly with the new de facto taxonomies on exchange rates." @default.
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- W1988656406 date "2009-07-01" @default.
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- W1988656406 title "Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)" @default.
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- W1988656406 doi "https://doi.org/10.1016/j.intfin.2008.06.001" @default.
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