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Purchasing power parity and the real exchange rate
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Sarno, Lucio and Taylor, Mark P. (2002) Purchasing power parity and the real exchange rate. IMF Staff Papers, 49 (1). pp. 65-105. ISSN 1020-7635
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Official URL: https://www.imf.org/External/Pubs/FT/staffp/2002/0...
Abstract
We assess the progress made by the profession in understanding real exchange rate behavior through a selective and critical, but nonetheless expository, review of the literature. Our reading of the literature leads us to the main conclusions that purchasing power parity, might be viewed as a valid long-run international parity condition when applied to bilateral exchange rates obtaining among major industrialized countries, and that mean reversion in real exchange rates displays significant nonlinearities. However further work investigating the effects of real shocks on the long-run equilibrium level also seems warranted.
| Item Type: | Journal Item | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HC Economic History and Conditions |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
| Journal or Publication Title: | IMF Staff Papers | ||||
| Publisher: | International Monetary Fund | ||||
| ISSN: | 1020-7635 | ||||
| Official Date: | April 2002 | ||||
| Dates: |
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| Volume: | 49 | ||||
| Number: | 1 | ||||
| Number of Pages: | 41 | ||||
| Page Range: | pp. 65-105 | ||||
| Status: | Not Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
| URI: | http://wrap.warwick.ac.uk/id/eprint/10985 |
Data sourced from Thomson Reuters' Web of Knowledge
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