rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions …; furthermore, long-run exchange rate equilibria may have little relation to purchasing power parity outside such environments. We … thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international …

unification. Our paper presents results from the estimation of a macroeconometric disequilibrium model formerly developed for West …

estimation method used to derive them. Essentially, these methods differ in their treatment of the time-series (time) and the … cross-section (space) variation in the panel. The study shows that conventional panel estimation methods (pooled OLS, fixed … literature to show that the distortion is generally very large. This suggests the use of the CRE model for the panel estimation …