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Theory and Tests of Generalized Purchasing-Power Parity: Common Trends and Real Exchange Rates In the Pacific Rim

✍ Scribed by Walter Enders; Stan Hum

Book ID
111005564
Publisher
John Wiley and Sons
Year
1994
Tongue
English
Weight
705 KB
Volume
2
Category
Article
ISSN
0965-7576

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## Abstract According to one strand of the international finance literature, market efficiency implies that the real exchange rate follows a martingale process, in direct conflict with the long‐run absolute purchasing power parity hypothesis, which requires a stationary real exchange rate process.