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In: Kieler Vorträge N.F., 59
In: Veröffentlichungen des HWWA-Institut für Wirtschaftsforschung Hamburg
World Affairs Online
In: Essays in international finance 37
In: Internationale Politik: das Magazin für globales Denken, Band 55, Heft 9, S. 49-50
ISSN: 1430-175X
World Affairs Online
In: Oxford paperbacks
In: Studien zur monetären Ökonomie Bd. 27
In: School of Business & Economics Discussion Paper 2012/21
In: Economics
There has been mixed evidence regarding the existence of rational bubbles in the foreign exchange markets. Standard unit root and cointegration tests are criticized for their low power to detect rational bubbles that periodically collapse. This paper introduces recently developed sequential unit root tests into the analysis of exchange rates bubbles. Our results show that explosiveness in the nominal Sterling-dollar exchange rates is fully explained by the relative prices of traded goods. -- exchange rates ; rational bubbles ; sequential unit root test