| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6069 |
| 来源ID | Working Paper 6069 |
| Intra-National, Intra-Continental, and Intra-Planetary PPP | |
| Charles Engel; Michael K. Hendrickson; John H. Rogers | |
| 发表日期 | 1997-06-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper builds a model of adjustment toward PPP for a panel of real exchange rates. The model eliminates some inconsistencies in previous models, which implied a model for the real exchange rate of country B relative to country C that was not commensurate with the posited model of the real exchange rate for A relative to B, and A relative to C. The model allows us to handle correlations across exchange rates in a panel in a natural way. We put restrictions on an underlying model which yields a simple covariance matrix that can be easily estimated by GLS methods. We also put restrictions on the underlying model which allow us to easily estimate a panel PPP model in which the speed of adjustment is not the same for all real exchange rates. Our model, applied to the price levels of eight cities in four countries and two continents, does not find evidence in favor of reversion of PPP. |
| URL | https://www.nber.org/papers/w6069 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563577 |
| 推荐引用方式 GB/T 7714 | Charles Engel,Michael K. Hendrickson,John H. Rogers. Intra-National, Intra-Continental, and Intra-Planetary PPP. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6069.pdf（758KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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