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A monetary analysis of the Drachma/ECU exchange rate determination, 1980-1991

George Zis and Athanasios Papadopoulos ()
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George Zis: Manchester Metropolitan University Department of Economics and Economic History Mabel Tylecote Building, Cavendish Street, Manchester M15 6BG, United Kingdom

Empirical Economics, 2000, vol. 25, issue 4, 653-663

Abstract: The validity of the monetary approach to the Drachma/ECU exchange rate determination is investigated through cointegration, impulse response and variance decomposition analysis. The empirical results reported confirm recent findings that the monetary approach may be interpreted as a long-run equilibrium condition with highly complex short-run dynamics.

Keywords: Exchange; rate; ·; cointegration; ·; VAR; ·; Greece (search for similar items in EconPapers)
JEL-codes: C32 C51 C52 E52 F31 (search for similar items in EconPapers)
Date: 2001-01-10
Note: received: November 1997/Final version received: May 2000
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