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Further evidence on purchasing power parity over two centuries with multiple changes in persistence


  • Gawon Yoon


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.

Suggested Citation

  • Gawon Yoon, 2008. "Further evidence on purchasing power parity over two centuries with multiple changes in persistence," Applied Economics Letters, Taylor & Francis Journals, vol. 15(14), pages 1093-1096.
  • Handle: RePEc:taf:apeclt:v:15:y:2008:i:14:p:1093-1096 DOI: 10.1080/13504850600993556

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    References listed on IDEAS

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    Cited by:

    1. Gadea, Maria Dolores & Gracia, Ana Belen, 2009. "European monetary integration and persistance of real exchange rates," Finance Research Letters, Elsevier, vol. 6(4), pages 242-249, December.

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