全球智库信息集成服务系统(G2TT): The Purchasing Power Parity Debate

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10607
来源ID	Working Paper 10607
	The Purchasing Power Parity Debate
	Alan M. Taylor; Mark P. Taylor
发表日期	2004-07-05
出版年	2004
语种	英语
摘要	Originally propounded by the sixteenth-century scholars of the University of Salamanca, the concept of purchasing power parity (PPP) was revived in the interwar period in the context of the debate concerning the appropriate level at which to re-establish international exchange rate parities. Broadly accepted as a long-run equilibrium condition in the post-war period, it was first advocated as a short-run equilibrium by many international economists in the first few years following the breakdown of the Bretton Woods system in the early 1970s and then increasingly came under attack on both theoretical and empirical grounds from the late 1970s to the mid 1990s. Accordingly, over the last three decades, a large literature has built up that examines how much the data deviated from theory, and the fruits of this research have provided a deeper understanding of how well PPP applies in both the short run and the long run. Since the mid 1990s, larger datasets and nonlinear econometric methods, in particular, have improved estimation. As deviations narrowed between real exchange rates and PPP, so did the gap narrow between theory and data, and some degree of confidence in long-run PPP began to emerge again. In this respect, the idea of long-run PPP now enjoys perhaps its strongest support in more than thirty years, a distinct reversion in economic thought.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w10607
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/568236
推荐引用方式 GB/T 7714	Alan M. Taylor,Mark P. Taylor. The Purchasing Power Parity Debate. 2004.

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文件名称/大小	资源类型	版本类型	开放类型	使用许可
w10607.pdf（801KB）	智库出版物		限制开放	CC BY-NC-SA	浏览