WRDMWest Rand District Municipality (South Africa)
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Figure 6 conveys a graphical impression of the time sequence of the artificial variables PLAY (left-hand side) and SPURT, calculated via filtering the exchange rate plotted against the historical realizations of the real effective exchange rate WRDM (right-hand side).
(7.) Since WRDM is defined reciprocal to the exchange rate (as home currency price of foreign exchange), theoretically applied in Belke and Gocke [1998], the impact of WRDM and SPURT is negative according to our estimation.