Parity Reversion in Real Exchange Rates : Fast, Slow or Not At All?

Fast, Slow or Not At All?

Parity Reversion in Real Exchange Rates : Fast, Slow or Not At All?
Consensus estimates put the half-life of deviations from purchasing power parity (PPP) at about four years (Rogoff, 1996). However, conventional least squares estimates of half-lives are biased downward. Accordingly, as a preferred measure of the persistence of real exchange rate shocks, this study uses median-unbiased estimators of the... READ MORE...

Publication date: July 2004
ISBN 9781451855074
$15.00

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