This article summarizes our views on the role of an "aggregation bias" in explaining the PPP Puzzle, in response to the … counter-examples which are not empirically relevant; (ii) simulation results minimizing the extent of "aggregation bias"; (iii …) unfounded claims on the impact of measurement errors on our results; and (iv) problematic implementation of small-sample bias …

aggregation bias'. This paper re-examines aggregation bias. First, it clarifies the meaning of aggregation bias and its … applicability to the PPP puzzle. Second, the size of the bias' is shown to be much smaller than the simulations in Imbs et. al …. Finally, it is now standard to recognize that small-sample bias plagues estimates of speeds of convergence of PPP. After …

; meanwhile private sector forecasters were not subject to this crude bias. As a result, using private sector forecasts as an …

actions is rather limited. This result holds even after controlling for selection-bias in the antidumping investigation …