PPP Strikes Back : Aggregation and the Real Exchange Rate /
We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time-series and panel methods substantially exaggerate the persistence of real exchange rates because of heterogeneity in the dynamics of disaggregated relative prices. When heterogeneity...
| Egile nagusia: | |
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| Beste egile batzuk: | , , |
| Formatua: | Aldizkaria |
| Hizkuntza: | English |
| Argitaratua: |
Washington, D.C. :
International Monetary Fund,
2003.
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| Saila: | IMF Working Papers; Working Paper ;
No. 2003/068 |
| Sarrera elektronikoa: | Full text available on IMF |