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| Author: | Chen, L.L. Devereux, J. |
| Title: | What can US city price data tell us about purchasing power parity? |
| Journal: | Journal of International Money and Finance
2003 : APR, VOL. 22:2, p. 213-222 |
| Index terms: | Exchange rates Price indices Price level Purchasing power parity USA |
| Language: | eng |
| Abstract: | The dispersion of absolute price levels for US cities is studied since 1918. By absolute price levels the authors mean price indices that measure the cost of a given consumption basket at each point in time. Strong evidence is found that city price level is lower for US cities than between OECD countries. It is argued that price level convergence for US cities will produce bilateral real exchange rate nonstationarity. |
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