... components, a random walk component ȈIJ ui,IJ and a stationary component İi,t. The test statistic ZIJ:is based on the ratio of the variances ı2u / ı2İ. The null hypothesis of the ... for either the bank rates or the market rates, suggesting non-stationary interest rates. While the IPS test indicates stationarity of the Boone indicator, the null hypothesis of non-stationarity ... Professor of Banking and Financial Regulation at Utrecht School of Economics, University of Utrecht, Janskerkhof 12, NL-3511 BL Utrecht, the Netherlands.5 Banco de España, International Economics and...