What Remains of Purchasing Power Parity? PDF Download
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Author: Kenneth S. Rogoff
Publisher:
ISBN:
Category : Purchasing power parity
Languages : en
Pages : 52
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Book Description
Author: Kenneth S. Rogoff
Publisher:
ISBN:
Category : Purchasing power parity
Languages : en
Pages : 52
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Book Description
Author: Razzaque H. Bhatti
Publisher: Springer
ISBN: 1349255238
Category : Business & Economics
Languages : en
Pages : 389
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Book Description
This book presents an extensive survey of the theory and empirics of international parity conditions which are critical to our understanding of the linkages between world markets and the movement of interest and exchange rates across countries. The book falls into three parts dealing with the theory, methods of econometric testing and existing empirical evidence. Although it is intended to provide a consensus view on the subject, the authors also make some controversial propositions, particularly on the purchasing power parity conditions.
Author: Marc Munzer
Publisher:
ISBN: 9783640404391
Category :
Languages : en
Pages : 20
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Book Description
Seminar paper from the year 2009 in the subject Business economics - Investment and Finance, grade: 1,3, University of Hull, language: English, abstract: The Swedish economist Gustav Cassel developed his theory of Purchasing Power Parity (henceforth PPP) more than 80 years. Ago, and today it is still an essential part of the framework for forecasting exchange rates, which includes parity conditions in international finance. International parity conditions imply purchasing power parity, the Fisher effect, the interest rate parity theory and the expectations theory. "They are the set of equilibrium relationships which should hold between product prices, interest rates, and spot and forward exchange rates assuming a freely floating exchange system." (Demirag and Goddard, 1994, 70) Unfortunately, these theories do not always work out in reality, especially in times of financial crisis. However, they give us a central understanding of how and why multinational business is related in the world. Sometimes, "the mistake is not always in the theory itself, but in the way it is interpreted or applied in practice" (Eitemann et.al., 2004, 133). This essay will take a detailed look at PPP, its theoretical perspective, and the empirical evidence for it. [...]
Author: Mark P. Taylor
Publisher:
ISBN:
Category : Purchasing power parity
Languages : en
Pages : 0
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Book Description
Author: Irving Fisher
Publisher:
ISBN:
Category : Money
Languages : en
Pages : 558
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Book Description
Author: Moon H. Lee
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 152
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Book Description
Author: Lawrence H. Officer
Publisher: Greenwich, Conn. : JAI Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 394
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Book Description
Evolution of PPP theory; Modern PPP theory and practice; Selected PPP studies.
Author: Jacob A. Frenkel
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The first part of the paper traces the doctrinal origins of the purchasing power parity (PPP) doctrine and reviews the central issues of controversy. The second part is an empirical study covering the flexible exchange rates period of the 1920s. The empirical work examines the efficiency of foreign exchange markets, the absolute and the relative versions of PPP for alternative price indices, the homogeneity postulate, the relation between the short run and the long run, and the patterns of 'causality' between prices and exchange rates. The paper concludes with estimations of price equations and a discussion of the proper specification of PPP.
Author: Matthew Higgins
Publisher:
ISBN:
Category :
Languages : en
Pages : 45
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Book Description
A recent influential paper (O'Connell 1998) argues that panel data evidence in favor of purchasing power parity disappears once test procedures are altered to accommodate heterogenous cross-sectional dependence among real exchange rate innovations. We present evidence to the contrary. First, we modify two extant panel unit root panel unit root tests to eliminate the upward size distortion induced by contemporaneous cross-sectional dependence. Second, we exploit a recently-introduced test, based on SUR techniques, that also remains valid in the presence of cross-sectional dependence. Using the three new tests, we find overwhelming evidence in favor of real exchange rate stationarity during the post-Bretton Woods era among OECD economies, as well as among a larger group of quot;openquot; economies. We also find emphatic evidence of stationarity using O'Connell's GLS test. Bias-corrected parameter estimates indicate that deviations from PPP erode more quickly for real exchange rates defined using wholesale rather than consumer price indices. Monte Carlo experiments indicate that several of the tests discussed here have considerable power against the unit root null.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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