PPP Strikes Back: Aggregation and the Real Exchange Rate*
نویسندگان
چکیده
منابع مشابه
Aggregation is not the solution : the PPP puzzle strikes back .
Recently, Imbs, Mumtaz, Ravn and Rey (2005; hereinafter IMRR) have argued that much of the PPP puzzle is due to upwardly-biased estimates of persistence. According to them, the source of the bias is the existence of heterogeneous price adjustment dynamics at the sectoral level that established time series or panel data methods fail to control for. This paper re-examines this claim in two steps....
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ژورنال
عنوان ژورنال: Quarterly Journal of Economics
سال: 2005
ISSN: 0033-5533,1531-4650
DOI: 10.1162/qjec.2005.120.1.1