Dimitris, Christopoulos; Miguel, Leon-Ledesma - Volkswirtschaftliche Fakultät, … - 2009
rejection of the PPP hypothesis: structural breaks and nonlinear adjustment induced by transaction costs. These two hypotheses … nonlinear adjustment. Structural breaks are modeled by means of a Fourier function that allows for infrequent smooth temporary … mean changes and is hence compatible with long-run PPP. Nonlinear adjustment is modeled by means of an ESTAR model. Our …