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...
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| 其他作者: | , , |
| 格式: | 雜誌 |
| 語言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
2003.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 2003/068 |
| 在線閱讀: | Full text available on IMF |