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disequilibria are arbitraged at di�erent speeds. Although the logistic function is intuitive in the context of real economic … formally select between exponential and logistic transition functions; consistent with economic intuition we �nd that mean …: �rst, European Economic and Monetary Union (EMU) and Exchange Rate Mecha- nism (ERM) countries; and second, all countries …

authors and are not endorsed by the European Central Bank. 2 Czech National Bank, Na Příkopě 28, CZ-115 03 Praha 1 …, Institute of Economic Studies, Faculty of Social Sciences, Charles University, Opletalova 26, CZ-110 00 Praha 1, and Institute … of Information Theory and Automation, Pod vodárenskou věží 4, CZ-182 04 Praha 8, Czech Republic; e-mail: Alexis …