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.
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Document Type: Research Article
Dpto. de Análisis Económico, Universidad de la Laguna, 38071 La Laguna, Spain
Dpto. de Métodos Cuantitativos, Facultad de Ciencias Económicas, Universidad de Las Palmas de Gran Canaria, 35017 Las Palmas de G.C., Spain
FEDEA and Universidad Complutense de Madrid, 28001 Madrid, Spain
Publication date: 2007-07-01
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