Exchange rates and monetary measures

The paper analyzes the impact that certain administrative measures of monet ary authorities have on exchange rates. Using the Perron test, the authors test for the existence of structural change in the development of exchange rater in Central and Eastern European countries. The dates when specific mo netary measures were implemented were exogenously chosen as demonstrative d ates of structural change. The results show that, in most cases, the author s were not able to reject the hypothesis of nonexistence of structural chan ge. The authors conclude that instances of structural change occurred simul taneously with the implementation of monetary measures.