Parity Reversion in Real Exchange Rates : Fast, Slow or Not At All? /
Consensus estimates put the half-life of deviations from purchasing power parity (PPP) at about four years (Rogoff, 1996). However, conventional least squares estimates of half-lives are biased downward. Accordingly, as a preferred measure of the persistence of real exchange rate shocks, this study...
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| 格式: | 雜誌 |
| 語言: | English |
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Washington, D.C. :
International Monetary Fund,
2004.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 2004/128 |
| 在線閱讀: | Full text available on IMF |