Mahajan, Arvind (contributor); Saving, Thomas (contributor) - 2005
examines the validity of the purchasing power parity (PPP)condition during three distinct exchange rate regimes (floating …-rate, target-zonearrangement, and fixed-rate or common currency) from January 1973 through January2004. My results support PPP, but … I find that PPP during the common currency regimeholds in fewer EMU countries than during the alternative exchange rate …