Bhattacharyya, Ranajoy; Mukherjee, Jaydeep - In: South Asian Journal of Macroeconomics and Public Finance 3 (2014) 2, pp. 175-193
It is shown that the 36 country real effective exchange rate (REER) of India, which is I(1), becomes stationary once a single exogenous shock (corresponding to the implementation of the liberalization policy by the government of India) is separated from its stochastic component and modelled as a...
