Have the constraints on PPP relaxed over time? Some evidence from Japan

研究成果: Article査読

1 被引用数 (Scopus)

抄録

A standard model with transportation costs implies that real exchange rates should follow a band threshold model where the process is a random walk within the bands and mean-reverting outside them. Because of technological improvements, these bands should narrow over time. The evidence indicates that such a feature is not supported by the data, casting doubts on the relevance of such models to describe the behavior of exchange rates.

本文言語English
ページ(範囲)205-210
ページ数6
ジャーナルEconomics Letters
84
2
DOI
出版ステータスPublished - 2004 8 1
外部発表はい

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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