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Implicit bands in the Spanish peseta/Deutschmark exchange rate, 1965-1998

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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 of their classifying algorithm. The test is applied to the period 1965-1998, indicating our results existence of fluctuation bands in the 1980s and 1990s, before and after the entry of the peseta into the European Monetary System.

Document Type: Research Article


Affiliations: 1: Dpto. de Análisis Económico, Universidad de la Laguna, 38071 La Laguna, Spain 2: Dpto. de Métodos Cuantitativos, Facultad de Ciencias Económicas, Universidad de Las Palmas de Gran Canaria, 35017 Las Palmas de G.C., Spain 3: FEDEA and Universidad Complutense de Madrid, 28001 Madrid, Spain

Publication date: July 1, 2007

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