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| Author: | Papell, D.H. |
| Title: | The great appreciation, the great depreciation, and the purchasing power parity hypothesis |
| Journal: | Journal of International Economics
2002 : JUN, VOL. 57:1, p. 51-82 |
| Index terms: | DEPRECIATION DOLLARS PURCHASING POWER PARITY STRUCTURAL CHANGE UNIT ROOTS USA |
| Language: | eng |
| Abstract: | Although there has been much recent work on purchasing power parity (PPP), neither univariate nor panel methods have produced strong rejections of unit roots in US dollar real exchange rates for industrialized countries during the post-1973 period. The authors investigate the hypothesis that these non-rejections can be explained by one episode, the large appreciation and depreciation of the dollar in the 1980s, by developing unit root tests which account for this event and maintain long-run PPP. |
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