A nonparametric measure of convergence t
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Mototsugu Shintani
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Article
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2006
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John Wiley and Sons
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English
β 141 KB
## Abstract It has been claimed that the deviations from purchasing power parity are highly persistent and have quite long halfβlives under the assumption of a linear adjustment of real exchange rates. However, inspired by trade cost models, nonlinear adjustment has been widely employed in recent e