performance of homogenous panel unit root tests in the presence of permanent volatility shifts. It is shown that in this case …, panel unit root tests derived under time invariant innovation variances lose control over actual significance levels while …

error correction framework. Our findings are as follows: First, as a result of the panel unit root tests on real exchange …). Specifically, we analyze real exchange rate behavior under various classifications of exchange rate arrangement through panel unit … root tests, and also investigate the adjustment speed of nominal exchange rate and relative prices separately through an …

the maximum number of factors, in contrast to other panel unit root tests based on principal components that require in …

when applied to a set of established panel-unit-root tests, allows the identification of the real exchange rates that are …

determine whether the data satisfies the Law of Proportionate Effect (LPE) using panel unit root tests. We find that the size …