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H Construction of the PSTAR Model
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Active in second actual price level Actual Velocity ADF Test anchor country Bank of Spain cointegrating Deutsche Mark devaluation deviation domestic and foreign domestic conditions output domestic price gap domestic price level dummy interaction dummy variables Econometric Specification entrance of Spain equation equilibrium price equilibrium real exchange excludes the foreign explain inflation Figure fixed exchange rate Following the literature foreign gap foreign ones German foreign price gap full sample Gap and Inflation Gap)J German prices Hodrick-Prescott filter inflation developments interaction variable interest rates International Financial Statistics June 1989 onwards Kool and Tatom linear trend long-run equilibrium level Model 3 Model monetary approach monetary policy money stock oil crisis output and velocity output gap Potential real output potential values potential velocity quantity theory real exchange rate sample period second period Spain's entrance Spanish economy Spanish peseta step dummy structural changes successful disinflation surge in inflation unit root velocity gap