Caporale, Guglielmo Maria; Gregoriou, Andros - In: Applied Economics Letters 16 (2009) 3, pp. 223-226
In this article, we carry out unit root tests on real exchange rates recursively as in Caporale et al. (2003), but, following Arghyrou and Gregoriou (2007), we adjust the residuals for non-normality and heteroscedasticity using a wild bootstrap method. The results are striking: this correction...