英文文献：On European monetary integration and the persistence of real effective exchange rates-关于欧洲货币一体化和实际有效汇率的持续性
英文文献作者：Robinson Kruse
英文文献摘要：
This paper deals with the possibility of changing persistence in European real effective exchange rates as initially analyzed by Gadea and Gracia (2009). By applying a CUSUM of squares-based test for constant versus changing persistence with desirable statistical properties, an OECD data set is reconsidered. The empirical results suggest that persistence remains constant over time for nearly all time series. Thus, European monetary integration has not affected the persistence of external competitiveness significantly. Moreover, strong evidence for non-stationarity is found. Explanations for the sharp contrast of new results towards the ones by Gadea and Gracia (2009) are provided.

本文讨论了欧洲实际有效汇率持续变化的可能性，最初由Gadea和Gracia(2009)分析。通过应用基于平方的CUSUM检验，以确定具有理想的统计特性的常数和变化持久性，可以重新考虑OECD数据集。实证结果表明，几乎在所有时间序列中，持续性都保持不变。因此，欧洲货币一体化并没有显著影响外部竞争力的持久性。此外，还发现了非平稳性的有力证据。本文解释了与Gadea和Gracia(2009)的新结果形成鲜明对比的原因。