| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1152 |
| DP1152 The Innovation, Unemployment and Competitiveness Challenge in Germany | |
| David Audretsch | |
| 发表日期 | 1995-03-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | Previous time-series studies have shown evidence of mean-reversion in real exchange rates. Deviations from purchasing power parity (PPP) appear to have half-lives of approximately four years. The long samples required for statistical significance are unavailable for most currencies, however, and may be inappropriate because of regime changes. In this study, we re-examine deviations from PPP using a panel of 150 countries and 45 annual observations. Our panel shows strong evidence of mean-reversion that is similar to that from long time-series. PPP deviations are eroded at a rate of approximately 15% annually, i.e. their half-life is around four years. Such findings can be masked in time-series data, but are relatively easy to find in cross-sections. |
| 主题 | International Macroeconomics |
| 关键词 | Cross-section exchange rate inflation Long-run Real Time-series Variation |
| URL | https://cepr.org/publications/dp1152 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530294 |
| 推荐引用方式 GB/T 7714 | David Audretsch. DP1152 The Innovation, Unemployment and Competitiveness Challenge in Germany. 1995. |
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