Kim, Bong-Han; Min, Hong-Ghi; Moh, Young-Kyu - In: Economic Modelling 27 (2010) 5, pp. 1167-1177
This paper reexamines empirical performance of the monetary exchange rate model with nonlinear dynamics of exchange rate deviation from the monetary fundamentals. First, we apply unit root test of Park and Shintani (2005) to post-Bretton Woods exchange rate data and able to reject the null of...