Die relative Kaufkraftparitätentheorie (KKPT) wird am Beispiel des DM-Peseten-Kurses auf ihre Stichhaltigkeit in der langen Frist überprüft. Methodisch wird dabei auf zwei Verfahren der Kointegrationsanalyse zurückgegriffen. Trotz einer Vielzahl von Ansätzen kann nur in zwei Fällen...

Inflation differentials within European Monetary Union (EMU) are increasingly seen as exerting adverse effects on the price competitiveness of member countries’ firms and given the common monetary policy within EMU as being detrimental to euro-area economies, in particular to those with...

Equilibrium real exchange rate and corresponding misalignment estimates differ tremendously depending on the panel estimation method used to derive them. Essentially, these methods differ in their treatment of the time-series (time) and the cross-section (space) variation in the panel. The study...

Panel unit root tests of real exchange rates as opposed to univariate tests usually reject non-stationarity. These tests, however, could be biased if the real exchange rate contained MA roots. Indeed, two independent arguments claim that the real exchange rate, being a sum of a stationary and a...