An Empirical Analysis of the Peseta's Exchange Rate Dynamics

Juan Ayuso and Juan Vega ()

Working Papers from Banco de España

Abstract: The paper addresses the issue of the role of exchange rate jumps. The short-run dynamics of the peseta's effective exchange rate vis-a- vis OECD countries over the period 1974:1 - 1995:9 is estimated using a PPP-based error-correction model enlarged with additional terms allowing for the possibility of unusual jumps.

Keywords: SPAIN; EXCHANGE RATE; CENTRAL BANKS; MONETARY POLICY (search for similar items in EconPapers)
JEL-codes: E50 E58 F30 F31 (search for similar items in EconPapers)
Pages: 30 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9613

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