Dissecting the PPP puzzle: the unconventional roles of nominal exchange rate and price adjustments

被引：43

作者：

Cheung, YW

Lai, KS ^{[1
]}

Bergman, M

机构：

[1] Calif State Univ Los Angeles, Sch Business & Econ, Dept Econ, Los Angeles, CA 90032 USA

[2] Univ Calif Santa Cruz, Dept Econ, Santa Cruz, CA 95064 USA

[3] Lund Univ, Dept Econ, S-22007 Lund, Sweden

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2004年 / 64卷 / 01期

关键词：

purchasing power parity; price adjustment speed; half-life; generalized impulse responses;

D O I：

10.1016/S0022-1996(03)00076-X

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price adjustment, is shown to be the key engine governing the speed of PPP convergence. Moreover, nominal exchange rates are found to converge much more slowly than prices. With the reversion being driven primarily by nominal exchange rates, real exchange rates also revert at a slower rate than prices, as identified by the PPP puzzle [J. Econ. Lit. 34 (1996) 647]. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：135 / 150

页数：16

共 32 条

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