Non-Linear Aspects of Goods-Market Arbitrage and Adjustment : Heckscher's Commodity Points Revisited

We propose that analysis of purchasing power parity (PPP) and the law of one price (LOOP) should explicitly take into account the possibility of "commodity points"--thresholds delineating a region of no central tendency among relative prices, possibly due to lack of perfect arbitrage in the presence of transaction costs and uncertainty

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Year of publication:	1998
Authors:	Obstfeld, Maurice ; Taylor, Alan M.
Publisher:	[S.l.] : SSRN
Description of contents:	Abstract [papers.ssrn.com]

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Extent:	1 Online-Ressource
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Journal of the Japanese and International Economies, Vol. 11, No. 4, December 1997 Volltext nicht verfügbar
Classification:	F31 - Foreign Exchange ; F41 - Open Economy Macroeconomics
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014062062