Nonlinear Trend Stationarity in Real Exchange Rates: Evidence from Nonlinear ADF tests
Bibliographic record
Abstract
In this article we test for unit root in real exchange rates during the recent floating exchange rate period. In doing so, we use the unit root tests proposed by Bierens (1997a) and Bierens (1997b) that have drift hypothesis against a very general trend stationarity hypothesis, namely the alternative that the time series is stationarity about an almost arbitrary deterministic function of time. Bierens approach employs the fact that any function of time can be approximately arbitrary close by a linear function of Chebishev polynomials. The application of the tests to real exchange rate series indicate that these series are nonlinear trend stationary, and therefore, we conclude that the real exchange rate behavior may not be so different after all but simply perceived to be so because of the use of previously different unit root tests.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".