haku: @author Wu, Y. / yhteensä: 13
viite: 9 / 13
| Tekijä: | Wu, Y. |
| Otsikko: | The trend behavior of real exchange rates: evidence from OECD countries |
| Lehti: | Weltwirtschaftliches Archiv
1997 : VOL. 133:2, p. 282-296 |
| Asiasana: | EXCHANGE RATES OECD ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | Purchasing power parity (PPP), as a multi-good extension of the law of one price, has served as a building bloc of many models of exchange-rate determination. The PPP principle is crucial in understanding the nature of nominal as well as real disturbances in those models. Empirically, however, the large and persistent deviations from PPP in the last few decades have seriously questioned its validity and researchers have largely reached a consensus that the strict form of PPP does not hold for many industrialized countries at least in the post-Bretton Woods era. |
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