Bobula, Andrea; Arcangelis, Giuseppe De - Dipartimento di Economia e Diritto, Facoltà di Economia - 1997
This paper evaluates whether excess returns on holding Deutschmarks against French Francs, Italian Liras and British Pounds have been recently characterized by (temporary) speculative bubbles. We propose a two-step, distribution-free procedure. First, nonzero-median subperiods are significantly...