This article summarizes our views on the role of an "aggregation bias" in explaining the PPP Puzzle, in response to the … counter-examples which are not empirically relevant; (ii) simulation results minimizing the extent of "aggregation bias"; (iii … corrections. We conclude, as in our original paper, that "aggregation bias" goes a long way towards explaining the PPP puzzle …

aggregation bias'. This paper re-examines aggregation bias. First, it clarifies the meaning of aggregation bias and its … that heterogeneity and aggregation bias do not help to solve the PPP puzzle … applicability to the PPP puzzle. Second, the size of the bias' is shown to be much smaller than the simulations in Imbs et. al …

aggregation bias'. This paper re-examines aggregation bias. First, it clarifies the meaning of aggregation bias and its … that heterogeneity and aggregation bias do not help to solve the PPP puzzle … applicability to the PPP puzzle. Second, the size of the bias' is shown to be much smaller than the simulations in Imbs et. al …