An exchange-rate system is a set of contracts which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the "crisis scenario" which describes possible transitions to new...

Under different assumptions about the underlying monetary shocks, we study target zones of various widths and the effect they have on variables like the interest differential. The stochastic disturbances assumed are successively a non-zero mean random walk and a mean reverting process. The...

The study of fiscal convergence in the EU is a relevant issue in the context of economic integration and fiscal harmonization and we report new empirical evidence on this topic using a time series approach. We apply unit root and stationarity tests with an endogenous break for the study of long...

The main purpose of this paper is to provide an introduction to artificial neural networks (ANNs) and to review their applications in efficiency analysis. Finally, a comparison of efficiency techniques in a non-linear production function is carried out. The results suggest that ANNs are a...