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| Tekijä: | Lothian, J. Taylor, M. |
| Otsikko: | Purchasing power over two centuries: strengthening the case for real exchange rate stability: a reply to Cuddington and Liang |
| Lehti: | Journal of International Money and Finance
2000 : OCT, VOL. 19:5, p. 759-764 |
| Asiasana: | PURCHASING POWER PARITY EXCHANGE RATES FINANCE |
| Kieli: | eng |
| Tiivistelmä: | Cuddington and Liang (2000) examine the long span of dollar-sterling real exchange rate data of Lothian and Taylor (1996) and claim to reject long-run purchasing power parity by fitting time trends or by considering very high-order autoregressive representations. This reply demonstrates, however, that the central claims of Lothian and Taylor are in fact strengthened by the implication of Cuddington and Liang's analysis in that, while the economic importance of introducing trend terms is slight, this leads to a faster estimated speed of mean reversion. |
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