Lothian, James R. (contributor); Taylor, Mark P. (contributor) - 2006
Real Exchange Rates Over the Past Two Centuries:
How Important is the Harrod-Balassa-Samuelson Effect?
No … the hypothesis of non-stationary real exchange rates using data for the recent !oat.
However,Frankel(1986 …,becauserejectionofthejointnullhypothesisthateachmember
of a set of real exchange rates is generated by a non-stationary process only implies that at
least one series is …