This paper tests for nonlinearity in EMS exchange rates using the bispectrum. The early experience of the ERM witnessed numerous realignments. We find that exchange rates follow a linear process over the period 1979-1987, consistent with the predictions of the realignment target zone model,...

This paper examines the role of exports in aggregate economic growth in the United States using band spectral regression. The findings reveal a predictable relationship between long-run frequency components of real export growth and real GDP growth over the post-Bretton Woods period of flexible...

This paper employs nonparametric change-point tests to business cycle duration data in the United States. The findings are consistent with recent studies citing longer expansions and shorter contractions since World War II. However, it is found that these shifts occurred much earlier. There is...