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The Factor Specificity and the Exchange Rate Theory of Purchasing Power Parity: An Extension of the Jones-Purvis Model

Author

Listed:
  • Antonio García-Cebro, Juan

    (University of A Coruña)

Abstract

The focus of this paper is on the structural aspects of exchange rate determi - nation, generalizing the 1983 Jones-Purvis model. Specifically the Jones-Purvis model is extend to incorporate the concept of factor specificity. It is shown that deviations from purchasing power parity depend on, among other determi - nants, factor specificity. Furt h e rm o re, it examines the factor specificity as a short-medium run determinant of the behavior of exchange rates, in a frame - work where two countries are affected by a common external shock.

Suggested Citation

  • Antonio García-Cebro, Juan, 1998. "The Factor Specificity and the Exchange Rate Theory of Purchasing Power Parity: An Extension of the Jones-Purvis Model," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 13, pages 499-521.
    • Handle: RePEc:ris:integr:0084
    as

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    More about this item

    Keywords

    Factor Specificity; the Exchange Rate Theory;

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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