The Purchasing-Power Parity Doctrine: A Reappraisal

摘要: 5_HIE purchasing-power parity doctrine has had its ebbs and flows I over the years. Interest in arose whenever existing exchange rates were considered unrealistic search began for elusive concept of equilibrium rates. It was first invokedalthough somewhat ambiguous terms -in period Napoleonic wars,' it received christening at hands Gustav Cassel during World War I,2 resurrected after II.3 also critics, among others Taussig J4 Haberler IJ,5 but managed to survive nevertheless. In recent years, new efforts have been made clothe garments respectability, a proposal put forward use this as guide establishing rates.6 At same time,