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| Author: | Sabaté, M. Gadea, M.D. Serrano, J.M. |
| Title: | PPP and structural breaks. The peseta-sterling rate, 50 years of a floating regime |
| Journal: | Journal of International Money and Finance
2003 : OCT, VOL. 22:5, p. 613-627 |
| Index terms: | Exchange rates Floating rates Peseta Purchasing power parity |
| Freeterms: | Structural breaks |
| Language: | eng |
| Abstract: | The relevance of considering structural breaks in purchasing power parity (PPP) tests is illustrated in this paper. The peseta-sterling real exchange rate is examined between 1870 and 1935. This is an interesting series, given that the peseta was not part of the gold standard yet maintained a floating rate regime during most of that period. When breaks are not considered, it is impossible to reject the existence of a unit root in the series. |
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