Further evidence on purchasing power parity over two centuries with multiple changes in persistence
By allowing for multiple changes in persistence, this note shows that the US/UK real exchange rate spanning two centuries is stationary. This result is consistent with the previous one in Lothian and Taylor (1996, 2000) and purchasing power parity is a useful approximation in the long run.
Volume (Year): 15 (2008)
Issue (Month): 14 ()
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