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Author : Yin-Wong Cheung
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (321 download)
Download or read book Parity Reversion in Real Exchange Rates During the Post-Bretton Woods Period written by Yin-Wong Cheung and published by . This book was released on 1998 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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Author : Yin-Wong Cheung
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Parity Revision [i.e., Reversion] in Real Exchange Rates During the Post-Bretton Woods Period written by Yin-Wong Cheung and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Paul Cashin
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451855074
Total Pages : 43 pages
Book Rating : 4.8/5 (55 download)
Download or read book Parity Reversion in Real Exchange Rates written by Mr.Paul Cashin and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-07-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 half-life of deviations from parity, which correct for the downward bias of conventional estimators. The paper tests for PPP using real effective exchange rate data for 90 developed and developing countries in the post-Bretton Woods period. Support for PPP is found, as the majority of countries experience finite deviations of real exchange rates from parity. The speed of parity reversion is found to be typically much faster for developed countries than for developing countries, and to be considerably faster for countries with flexible nominal exchange rate regimes in comparison with countries having fixed nominal exchange rate regimes.
Author : Paul Anthony Cashin
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Parity Reversion in Real Exchange Rates written by Paul Anthony Cashin and published by . This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 half-life of deviations from parity, which correct for the downward bias of conventional estimators. The paper tests for PPP using real effective exchange rate data for 90 developed and developing countries in the post-Bretton Woods period. Support for PPP is found, as the majority of countries experience finite deviations of real exchange rates from parity. The speed of parity reversion is found to be typically much faster for developed countries than for developing countries, and to be considerably faster for countries with flexible nominal exchange rate regimes in comparison with countries having fixed nominal exchange rate regimes.
Author : Mark P. Taylor
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (6 download)
Download or read book Non-linear Mean Reversion in Real Exchange Rates written by Mark P. Taylor and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Williamson
Publisher : Peterson Institute
ISBN 13 : 9780881320763
Total Pages : 608 pages
Book Rating : 4.3/5 (27 download)
Download or read book Estimating Equilibrium Exchange Rates written by John Williamson and published by Peterson Institute. This book was released on 1994 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
Author : Lucio Sarno
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (6 download)
Download or read book Purchasing Power Parity and the Real Exchange Rate written by Lucio Sarno and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark P. Taylor
Publisher : Routledge
ISBN 13 : 1317988205
Total Pages : 227 pages
Book Rating : 4.3/5 (179 download)
Download or read book Purchasing Power Parity and Real Exchange Rates written by Mark P. Taylor and published by Routledge. This book was released on 2013-09-13 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term Purchasing Power Parity may date from the early twentieth century, when it was coined by the Swedish economist Gustav Cassel, but the underlying concept had been enjoying varying degrees of success since its development in sixteenth century Spain. Even towards the end of the twentieth century, and especially since the breakdown of the Bretton Woods system of fixed exchange rates, PPP and the stability of real exchange rates continued to be the subject of academic debate. This volume brings together essays covering aspects of current thinking on Purchasing Power Parity, from the various ways in which to test for its existence, to its appearance in different economies around the world, to examinations of the explanations given when PPP does not appear to hold This book was published as a special issue of Applied Financial Economics. The academic editor of this journal is Mark P. Taylor.
Author : Mr.Paul Cashin
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451859966
Total Pages : 0 pages
Book Rating : 4.8/5 (599 download)
Download or read book An Unbiased Appraisal of Purchasing Power Parity written by Mr.Paul Cashin and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-12-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Univariate studies of the hypothesis of unit roots in real exchange rates have yielded consensus point estimates of the half-life of deviations from purchasing power parity of between three to five years. However, least squares-based estimates of half-lives are biased downward. Accordingly, we follow Andrews (1993) and use median-unbiased estimators of the half-life of deviations from parity as a preferred measure of the persistence of real exchange rate shocks. We study this issue using real effective exchange rate (REER) data for 22 industrial countries in the post-Bretton Woods period. Three methods of bias correction are implemented, which yield cross-country averages of half-lives of deviations from parity ranging between 4 to 15 years, with the REER of several countries displaying permanent deviations from parity.
Author : Yin-Wong Cheung
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (321 download)
Download or read book On Cross-country Differences in the Persistence of Real Exchange Rates written by Yin-Wong Cheung and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
ISBN 13 : 1451960840
Total Pages : 18 pages
Book Rating : 4.4/5 (519 download)
Download or read book Deviations of Exchange Rates from Purchasing Power Parity written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1998-05-01 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the mean-reverting properties of real exchange rates, by comparing the unit root properties of a group of international real exchange rates with two groups of intra-national real exchange rates. Strikingly, we find that while the international real rates taken as a group appear mean-reverting, the intra-national rates are not. This is consistent with the view that while monetary shocks may be mean-reverting over the medium term, underlying real factors do generate long-term trends in real exchange rates.
Author : Mr. Haroon Mumtaz
Publisher : International Monetary Fund
ISBN 13 : 1451895534
Total Pages : 43 pages
Book Rating : 4.4/5 (518 download)
Download or read book PPP Strikes Back written by Mr. Haroon Mumtaz and published by International Monetary Fund. This book was released on 2003-04-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time-series and panel methods substantially exaggerate the persistence of real exchange rates because of heterogeneity in the dynamics of disaggregated relative prices. When heterogeneity is properly taken into account, estimates of the real exchange rate half-life fall dramatically, to little more than one year, or significantly below Rogoff''s "consensus view" of three to five years. We show that corrected estimates are consistent with plausible nominal rigidities, thus, arguably, solving the PPP puzzle.
Author : Mark P. Taylor
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book “The” Behavior of Real Exchange Rates During the Post-Bretton Woods Period written by Mark P. Taylor and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hali J. Edison
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book Understanding the Empirical Literature on Purchasing Power Parity written by Hali J. Edison and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Menzie David Chinn
Publisher : International Monetary Fund
ISBN 13 : 1451962169
Total Pages : 33 pages
Book Rating : 4.4/5 (519 download)
Download or read book Real Exchange Rate Levels, Productivity and Demand Shocks written by Menzie David Chinn and published by International Monetary Fund. This book was released on 1997-05-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests. The results indicate that under certain assumptions it is easier to detect cointegration in panel data than in the available time series; moreover, the rate of reversion to long-run equilibrium is estimated with greater precision. Using the model augmented by oil prices, we find that in 1991 (the last year productivity data are available) there is less overvaluation of the U.S. dollar than that implied by a naive version of purchasing power parity.
Author : Mark P. Taylor
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (392 download)
Download or read book The Behaviour of Real Exchange Rates During the Post-Bretton Woods Period written by Mark P. Taylor and published by . This book was released on 1997 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R.W. Jones
Publisher : North Holland
ISBN 13 :
Total Pages : 654 pages
Book Rating : 4.3/5 (91 download)
Download or read book Handbook of International Economics written by R.W. Jones and published by North Holland. This book was released on 1984 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook, research papers on international economic theory, economic policy and practice - includes a literature survey of theoretical studies in trade relations; covers evolution of economic models explaining the determinants of trade structure, capital flow, labour mobility, trade in natural resources, etc.; examines macroeconomics aspects of balance of payments, exchange rate, international monetary system, economic relations and dependence, etc. Bibliography, graphs, statistical tables.
