منابع مشابه
PPP Exchange Rates for the Global Poor
T first of the Millennium Development Goals targets global poverty.1 The global poverty number is estimated by the World Bank as a worldwide count of people who live below a common international poverty line. This line, loosely referred to as the dollar-a-day line, is calculated as an average over the world’s poorest countries of their national poverty lines expressed in international dollars; ...
متن کاملHow Sure Are We About PPP? Panel Evidence with the Null of Stationary Real Exchange Rates
There has been serious suspicion of a spurious rejection of the unit roots in panel studies of PPP due to the failure to control for cross-sectional dependence. This article presents evidence of mean-reversion in industrial country real exchange rates in a set up that accounts naturally for cross-sectional dependence, is invariant to the benchmark currency and capable of detecting against regim...
متن کاملPersistent Real Exchange Rates
Three features of the international exchange rate data that are widely known are: (a) a high correlation between bilateral nominal and real exchange rates; (b) real exchange rate movements are highly persistent; and (c) real exchange rates are highly volatile. This paper attempts a joint, albeit partial, rationalization of these facts in an environment with no staggered contracts and where pric...
متن کاملInequality and Real Exchange Rates
Kocherlakota and Pistaferri (2007) describe two different models (Private Information Pareto Optimal and Incomplete Markets) of how households partially insure themselves against idiosyncratic shocks. They demonstrate that the models differ in terms of their implications for real exchange rates. In this paper, we use data from a wide range of countries, and document that there is a statististic...
متن کاملFractional cointegration and real exchange rates
This paper uses fractional integration and cointegration in order to model the DM/dollar and the yen/dollar real exchange rates in terms of both monetary and real factors, more specifically real interest rate and labour productivity differentials. We find that whilst the individual series may be integrated of order 1, their long-run relationship might have a fractionally cointegrated structure....
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ژورنال
عنوان ژورنال: Journal of Applied Economics
سال: 1998
ISSN: 1514-0326,1667-6726
DOI: 10.1080/15140326.1998.12040522