In this study, we investigate the validity of purchasing power parity (PPP) proposition for 34 European and selected global countries. For purpose, propose a new unit root test cross-sectionally dependent heterogeneous panels that allows gradual structural breaks symmetric nonlinear adjustment toward equilibrium level. The alternative hypothesis stationary is obtained by due to exponential smoo...

1 Summary In Western Africa, two economic integrations, WAEMU (West African Economic and Monetary Union) and ECOWAS(Economic Community of West African Countries) exist. WAEMU is consisted of eight countries around French possession in Africa and issued the unique legal tender, the CFA franc. On the other hand, ECOWAS is the wider economic integration for 15 countries encompassing the entire WAE...

Exchange rates have become increasingly important as the rise of free trade has been supported by globalization and technological developments. In flexible exchange rate systems, is expected to affect volume foreign thus aggregate output. this context, it understand relationship between in economic policy implementation. The aim study contribute literature comparatively analyzing volumes select...

We introduce a framework for qualitative reasoning about directions in high-dimensional spaces, called EER, where our main motivation is to develop a form of commonsense reasoning about semantic spaces. The proposed framework is, however, more general; we show how qualitative spatial reasoning about points with several existing calculi can be reduced to the realisability problem for EER (or REE...

Univariate studies of the hypothesis of unit roots in real exchange rates have yielded consensus point estimates of the half-life of deviations from purchasing power parity (PPP) of between three to five years (Rogoff, 1996). However, conventional least-squares-based estimates of half-lives are biased downward. Accordingly, as a preferred measure of the persistence of real exchange rate shocks ...