UNSPECIFIED (2002) Purchasing power parity and the real exchange rate. IMF STAFF PAPERS, 49 (1). pp. 65-105. ISSN 1020-7635

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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
Journal or Publication Title:	IMF STAFF PAPERS
Publisher:	INT MONETARY FUND
ISSN:	1020-7635
Date:	2002
Volume:	49
Number:	1
Number of Pages:	41
Page Range:	pp. 65-105
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/10985

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