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Long-Run Purchasing Power Parity and the Dollar-Sterling Exchange Rate in the 1920's

Author

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  • Mr. Mark P. Taylor

Abstract

This paper replies to Ahking’s (1990) re-examination of Taylor and McMahon’s (1988) analysis of long-run purchasing power parity in the 1920s. We demonstrate that Ahking’s conclusions are only partially correct and reestablish our conclusion that, a form of long-run purchasing-power parity did in fact hold for dollar-sterling during this period. The new results are also employed to gauge the degree of overvaluation of sterling relative to the imposed prewar parity of $4.86 upon its return to gold and for 12 months afterwards.

Suggested Citation

  • Mr. Mark P. Taylor, 1990. "Long-Run Purchasing Power Parity and the Dollar-Sterling Exchange Rate in the 1920's," IMF Working Papers 1990/118, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/118
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    Cited by:

    1. Simón Sosvilla-Rivero & Emma García, "undated". "Purchasing Power Parity Revisited," Working Papers 2003-20, FEDEA.

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