This article examines the regime changes in the European Exchange Rate Mechanism (ERM), by applying the duration model approach to quarterly data of eight currencies participating in the ERM, covering the complete European Monetary System history. We first make use of the nonparametric...

This article attempts to determine whether or not the introduction of the euro affected the volatility of major bilateral exchange rates. To this end, we examine the exchange rate behaviour for a set of Organization for Economic Co-operation and Development (OECD) and non-OECD countries during...

The objective of this article is to identify implicit bands for the Spanish peseta/Deutschmark exchange rate. To this end, based on the 'natural' classification approach suggested by Reinhart and Rogoff (2004), we propose a statistical test to assess the statistical significance of the outcome...

This paper investigates the profitability of a simple and very common technical trading rule applied to the General Index of the Madrid Stock Market. The optimal trading rule parameter values are found using a genetic algorithm. The results suggest that, for reasonable trading costs, the...

This article analyses the impact of the establishment of the European Monetary System (EMS) on a number of macroeconomic variables, such as exchange rates, money, interest rates and prices for member countries participating in the Exchange Rate Mechanism (ERM). Instability is examined in terms...