| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22198 |
| 来源ID | Working Paper 22198 |
| The 'Real' Explanation of the PPP Puzzle | |
| Nicholas Ford; Charles Yuji Horioka | |
| 发表日期 | 2016-05-02 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This article shows that global financial markets cannot, by themselves, achieve net transfers of financial capital and real interest rate equalisation across countries and that the integration of both global financial markets and global goods markets is needed to achieve net transfers of capital and real interest rate equalisation across countries. Thus, frictions (barriers to mobility) in one or both of these markets can impede the net transfer of capital between countries, produce the Feldstein and Horioka (1980) finding of high saving-investment correlations, and prevent real interest rates from being equalised across countries. Moreover, frictions in global goods markets can explain why real exchange rates deviate from PPP (purchasing power parity) for extended periods of time and can therefore also explain the PPP puzzle. Thus, we are able to resolve 2 of Obstfeld and Rogoff’s (2000) “6 major puzzles in macroeconomics” with essentially the same explanation. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Factor Mobility ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w22198 |
| 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/579872 |
| 推荐引用方式 GB/T 7714 | Nicholas Ford,Charles Yuji Horioka. The 'Real' Explanation of the PPP Puzzle. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22198.pdf（100KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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