-Bretton Woods era. The results are obtained using new non-stationary panel estimation techniques, which significantly increase the … differentials. The tests are conducted on a panel of 18 OECD economies using the United States as a numeraire for the post … contrasts with earlier panel data studies, which tended to find that the real exchange rate was stationary. The results …

tested for in panel data, but not in univariate (i.e. country specific) analysis. The usual explanation for this mismatch is … that panel tests for unit roots and cointegration are more powerful than their univariate counterparts. In this paper we … suggest an alternative explanation for the mismatch. More generally, we warn against the use of panel methods for testing for …

deviations from panel data. They are the bias associated with inapproiate aggregation across heterogeneous coefficients, time … aggregation of commodity prices, and downward bias in estimation of dynamic lag coefficients. Each of these biases have been … annual panel data set of real exchange rates for 21 OECD countries from 1948 to 2002, our point estimate of the half-life is …