Titlebook: Exchange Rate Policy in Europe; Pavlos Karadeloglou (Economist) Book 1997 Applied Econometrics Association 1997 cointegration.econometrics

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Purchasing Power Parity and Cointegration: The Case of Greek Exchange Ratess of high inflation (Frenkel, 1978, 1981) or when the period under investigation was of long duration (Abuaf and Jorion, 1990; Kim, 1990). However, empirical studies of the recent floating exchange rate period cast doubt on the hypothesis that the PPP theory holds in the long-run for major industrial countries.

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Currency Substitution and Exchange Rate Policy within the European Union domestic residents may choose to hold domestic and or foreign currencies, according to their relative prices. That is, domestic residents (and indeed foreign residents) may choose to substitute foreign (domestic) money balances for domestic (foreign) money balances. In this case currency substitution occurs on the demand-side of the market.

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Book 1997995. The book consists of three parts examining the experience of the exchange rate in Europe. In the first part some aspects of exchange rate determination in Europe are examined; the second part deals with the exchange rate policy within the European Monetary System; in the third part an analysis

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