DUFRENOT, Gilles; MATHIEU, Laurent; Val=E9rie MIGNON; … - EconWPA - 2003
This paper investigates the asymmetric and persistent adjustment of the European real exchange rates using the framework of nonlinear cointegration. We explain the episodes of slow mean- reversion dynamics over the period from 1979 to 1999. A test of unit root against STAR cointegration is...