Chortareas, Georgios; Kapetanios, George - In: Journal of Banking & Finance 33 (2009) 2, pp. 390-404
Recent advances in testing for the validity of Purchasing Power Parity (PPP) focus on the time series properties of real exchange rates in panel frameworks. One weakness of such tests, however, is that they fail to inform the researcher as to which cross-section units are stationary. As a...