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- W3125701413 abstract "We suggest that the real exchange rate between the major currencies in the post-Bretton Woods period can be described by a stationary, two state Markov switching AR(1) model. Based on the forecast performance, both in-sample and out-of-sample, we find that this model out-performs two competing models where the real exchange rate is non-stationary. We also find that the existence of different regimes, as in the Markov switching model, is consistent with the common finding of unit roots in the real exchange rate." @default.
- W3125701413 created "2021-02-01" @default.
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- W3125701413 date "2000-06-08" @default.
- W3125701413 modified "2023-09-27" @default.
- W3125701413 title "Real Exchange Rates and Switching Regimes" @default.
- W3125701413 hasPublicationYear "2000" @default.
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