The Resource Parity reversion in real exchange rates : fast, slow, or not at all?, prepared by Paul Cashin and C. John McDermott

Parity reversion in real exchange rates : fast, slow, or not at all?, prepared by Paul Cashin and C. John McDermott

Label
Parity reversion in real exchange rates : fast, slow, or not at all?
Title
Parity reversion in real exchange rates
Title remainder
fast, slow, or not at all?
Statement of responsibility
prepared by Paul Cashin and C. John McDermott
Creator
Contributor
Author
Issuing body
Subject
Language
eng
Summary
Consensus estimates put the half-life of deviations from purchasing power parity (PPP) at about four years (Rogoff, 1996). However, conventional least squares estimates of half-lives are biased downward. Accordingly, as a preferred measure of the persistence of real exchange rate shocks, this study uses median-unbiased estimators of the half-life of deviations from parity, which correct for the downward bias of conventional estimators. The paper tests for PPP using real effective exchange rate data for 90 developed and developing countries in the post-Bretton Woods period. Support for PPP is found, as the majority of countries experience finite deviations of real exchange rates from parity. The speed of parity reversion is found to be typically much faster for developed countries than for developing countries, and to be considerably faster for countries with flexible nominal exchange rate regimes in comparison with countries having fixed nominal exchange rate regimes
Member of
Action
digitized
Cataloging source
OCLCE
Dewey number
332.45
Index
no index present
LC call number
HG3881.5.I58
LC item number
W67 no.04/128
Literary form
non fiction
Nature of contents
dictionaries
Series statement
IMF working paper
Series volume
WP/04/128
Label
Parity reversion in real exchange rates : fast, slow, or not at all?, prepared by Paul Cashin and C. John McDermott
Publication
Antecedent source
file reproduced from original
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn646881128
Dimensions
unknown
Extent
1 online resource (41 pages)
File format
one file format
Form of item
online
Isbn
9781451900347
Media category
computer
Media MARC source
rdamedia
Media type code
c
http://library.link/vocab/recordID
.b37164521
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
  • (OCoLC)646881128
  • imf1451900341
System details
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.

Library Locations

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      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
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