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| Author: | Meier, C. |
| Title: | Assessing convergence to purchasing power parity: a panel study for 10 OECD countries |
| Journal: | Weltwirtschaftliches Archiv
1997 : VOL. 133:2, p. 297-312 |
| Index terms: | OECD PURCHASING POWER PARITY ECONOMICS |
| Language: | eng |
| Abstract: | The theory of purchasing power parity (PPP) holds that international arbitrage causes exchange rates and relative price levels of two countries to be strictly proportional. As this phenomenon has seldom been observed empirically, economists have started to ask whether prices and exchange rates do at least converge to strict proportionality in the long run by testing the corresponding real exchange rates for nonstationarity. This paper re-examines the evidence on long-run PPP for ten OECD countries by means of panel methods. |
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