This study examines the Law of One Price (LOP) in international commodity markets using fractional cointegration analysis. For proper evaluation of the LOP, fractional cointegration analysis seems to be appropriate because of its flexibility in capturing a wider range of mean reversion behavior...

This book provides the first in-depth analysis of the relationship between exchange rates and the prices of internationally traded goods, using Australian imports of manufactures as a case study. The study is conducted in two stages: first, exchange rate pass-through elasticites are estimated by...

This paper investigates the relationship between the level of inflation and regional price-level convergence utilizing micro-level price data from Turkey during two clearly distinguishable periods of high and low inflation. The results indicate that higher persistence and slower convergence of...