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The behaviour of relative prices in the European Union : a sectoral analysis
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Chen, Natalie (2004) The behaviour of relative prices in the European Union : a sectoral analysis. European Economic Review , Volume 48 (Number 6). pp. 1257-1286. doi:10.1016/S0014-2921(03)00055-2 ISSN 0014-2921.
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Official URL: http://dx.doi.org/10.1016/S0014-2921(03)00055-2
Abstract
Using multivariate unit root test methods, this paper investigates the Purchasing Power Parity (PPP) hypothesis at the sectoral level across six European countries over the last 17 years. Evidence of mean reversion towards PPP is found for the relative prices of some sectors and countries. Mean reversion in relative prices is explained by cross-country and cross-sectoral characteristics such as the distance between countries, nominal exchange rate volatility, differences in GDP per capita, non-tariff barriers, research and development, advertising, industrial concentration and tradeability of the products.
Item Type: | Journal Article | ||||||||
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
Journal or Publication Title: | European Economic Review | ||||||||
Publisher: | Elsevier | ||||||||
ISSN: | 0014-2921 | ||||||||
Official Date: | December 2004 | ||||||||
Dates: |
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Volume: | Volume 48 | ||||||||
Number: | Number 6 | ||||||||
Page Range: | pp. 1257-1286 | ||||||||
DOI: | 10.1016/S0014-2921(03)00055-2 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access |
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