𝔖 Bobbio Scriptorium
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DOES ‘AGGREGATION BIAS’ EXPLAIN THE PPP PUZZLE?

✍ Scribed by Shiu-Sheng Chen; Charles Engel

Book ID
111047528
Publisher
John Wiley and Sons
Year
2005
Tongue
English
Weight
393 KB
Volume
10
Category
Article
ISSN
1361-374X

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## Abstract Recently, Imbs, Mumtaz, Ravn and Rey (2005, hereinafter IMRR) have argued that much of the purchasing power parity (PPP) puzzle is due to upwardly biased estimates of persistence. According to them, the source of the bias is the existence of heterogeneous price adjustment dynamics at th