| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15624 |
| 来源ID | Working Paper 15624 |
| The Micro-Macro Disconnect of Purchasing Power Parity | |
| Paul R. Bergin; Reuven Glick; Jyh-Lin Wu | |
| 发表日期 | 2009-12-29 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper reconciles the persistence of aggregate real exchange rates with the faster adjustment of international relative prices in microeconomic data. Panel estimation of an error correction model using a micro data set uncovers new stylized facts regarding this puzzle. First, adjustment to purchasing power parity deviations in aggregated data is not just a slower version of adjustment to the law of one price in microeconomic data, as arbitrage occurs in different markets, in response to distinct macroeconomic and microeconomic shocks. Second, when half-lives are estimated conditional on macro shocks, micro relative prices exhibit just as much persistence as aggregate real exchange rates. These results challenge theories of real exchange rate persistence based on sticky prices and on heterogeneity across goods, and support an explanation based on the presence of distinct macro and microeconomic shocks. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w15624 |
| 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/573299 |
| 推荐引用方式 GB/T 7714 | Paul R. Bergin,Reuven Glick,Jyh-Lin Wu. The Micro-Macro Disconnect of Purchasing Power Parity. 2009. |
| 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 | ||
| w15624.pdf（335KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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