What does purchasing power parity mean?
作者： Alan C. Shapiro
DOI: 10.1016/S0261-5606(83)80005-9
关键词: Relative price 、 Microeconomics 、 Relative purchasing power parity 、 Purchasing power parity 、 Empirical evidence 、 Transaction cost 、 Exploit 、 Price level 、 Economic interventionism 、 Economics 、 Economics and Econometrics 、 Finance
摘要: This paper examines the theoretical and empirical content of purchasing power parity (PPP) in efficient markets. It analyzes sources deviations from strictest version PPP (that exchange-adjusted price levels are everywhere identical), focusing on role played by uncertainty, relative changes, inappropriate data, transaction costs, government intervention creating these deviations. then identifies addresses key issue involving parity: that occur sufficiently large, persistent, predictable as to enable individuals or governments successfully exploit them? An answer ‘no’ is shown be consistent with both economic theory evidence.
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