MacDonald, G.; Allen, D.; Cruickshank, S. - In: Applied Economics 34 (2002) 11, pp. 1319-1324
This paper uses a recently suggested test for unit roots in panels of time series data (Maddala and Wu, Oxford Bulletin of Economics and Statistics, 61, 631-52, 1999) to consider the Purchasing Power Parity hypothesis. The major innovation of this test is that it allows both the testing of unit...