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

Obstfeld, Maurice - 1997

We propose that analysis of purchasing power parity (PPP) and the law of one price (LOOP) should explicitly take into …

Persistent link: https://www.econbiz.de/10012472761

Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries

Chinn, Menzie - 1996

equilibrium exchange rates indicate less overvaluation of the dollar than that implied by a naive version of purchasing power …

Persistent link: https://www.econbiz.de/10012473129

Consumption Risk-Sharing and the Real Exchange Rate : Why does the Nominal Exchange Rate Make Such a Difference?

Devereux, Michael B. - 2011

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions should be positively related to real exchange rate growth rates across the same areas. We investigate this hypothesis, employing a newly constructed multi-country and multi-regional...

Persistent link: https://www.econbiz.de/10012461369

Unit Roots, Postwar Slowdowns and Long-Run Growth : Evidence from Two Structural Breaks

Ben-David, Dan - 1998

This paper provides evidence on the unit root hypothesis and long-term growth by allowing for two structural breaks. We … allow for only one break. While about half of the countries exhibit slowdowns following their postwar breaks, the others … the slowdown countries, exhibit faster growth after their second breaks than during the decades preceding their first …

Persistent link: https://www.econbiz.de/10012472411

Recursive and Sequential Tests of the Unit Root and Trend Break Hypothesis : Theory and International Evidence

Banerjee, Anindya - 1990

This paper investigates the possibility, raised by Perron (1989, 1990a), that aggregate economic time series can be characterized as being stationary around broken trend lines. Unlike Perron, we treat the break date as unknown a priori. Asymptotic distributions are developed for recursive,...

Persistent link: https://www.econbiz.de/10012475507

Macroeconomic Consequences of Tariffs

Furceri, Davide - 2018

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines...

Persistent link: https://www.econbiz.de/10012481049

International Comparisons of Pricing-to-Market Behavior

Knetter, Michael M. - 1992

This paper measures the degree of price discrimination across export destinations that is associated with exchange rate changes using U.S., U.K., German and Japanese industry-level data. Given the industries sampled more price discrimination across destinations is observed in the U.K., German...

Persistent link: https://www.econbiz.de/10012474877

Does Purchasing Power Parity Work?

Darby, Michael R. - 1980

The logarithm of the purchasing power ratio (PPR) is shown for seven countries and three alternative price indices to …

Persistent link: https://www.econbiz.de/10012478518

Monetary Policy and the Predictability of Nominal Exchange Rates

Eichenbaum, Martin - 2017

This paper studies how the monetary policy regime affects the relative importance of nominal exchange rates and inflation rates in shaping the response of real exchange rates to shocks. We document two facts about countries with floating exchange rates where monetary policy controls inflation...

Persistent link: https://www.econbiz.de/10012455523

Purchasing Power Disparity before 1914

Lindert, Peter H. - 2016

The new measures open up a new economic history of international differences in purchasing power before 1914. Northwest …

Persistent link: https://www.econbiz.de/10012455784