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Purchasing power parity revisited: evidence from old and new tests for an OECD panel


Ferré, Montserrat; Ramajo, Julián


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Abstract The objective of this article is to study long-run purchasing power parity (PPP) for a panel of 21 OECD countries from the end of the Bretton Woods era by applying a wide range of the econometric techniques available. This will allow us to present a comprehensive up to date examination of the empirical validity of PPP, covering the weak and strong versions of the hypothesis with individual and panel analysis, including the absence or presence of cross-dependency, the linear or non-linear behaviour of the real exchange rates, and the degree of persistence. Overall, the results provide evidence in favour of PPP.
Thesaurusschlagwörter OECD
Klassifikation Volkswirtschaftslehre; Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Freie Schlagwörter purchasing power parity; exchange rates; C23; F31; G15
Sprache Dokument Englisch
Publikationsjahr 2010
Seitenangabe S. 2243-2260
Zeitschriftentitel Applied Economics, 42 (2010) 17
DOI http://dx.doi.org/10.1080/00036840701765486
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)