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Purchasing Power Parity and the Canadian Float in the 1950s

  • Choudhry, Taufiq
  • McNown, Robert
  • Wallace, Myles

In this paper, the authors present evidence that neither large differences in inflation nor long time periods are necessary for a finding favorable to purchasing power parity. Evidence from cointegrating regressions and tests of the real exchange rate indicate that purchasing power parity held as a long-run constraint between the United States and Canada for the period 1950:10 to 1961:5. The authors also find that government intervention can distort purchasing power parity over a finite period. Once the data were extended beyond the period of the free float, the evidence is no longer favorable to purchasing power parity. Copyright 1991 by MIT Press.

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Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 73 (1991)
Issue (Month): 3 (August)
Pages: 558-63

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Handle: RePEc:tpr:restat:v:73:y:1991:i:3:p:558-63
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