Purchasing Power Parity in Economic History

Lawrence H. Officer ()
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Lawrence H. Officer: University of Illinois at Chicago

Chapter Chapter 3 in Essays in Economic History, 2022, pp 43-75 from Springer

Abstract: Abstract Purchasing power parity (PPP) is given a sympathetic and expansive treatment from the standpoint of economic history. While only relative PPP is discussed, for lack of data on the absolute version in these early times, PPP is interpreted broadly in “augmented” form to include variables beyond exchange rate and price indexes. A wide range of techniques for testing and applying PPP is outlined and accepted. Periods examined range from the Roman Empire to the 1930s. In sum, PPP provides a perspective that enriches our understanding of the relationship between exchange rates and commodity prices over the vast expanse of human history.

Keywords: Purchasing power parity; Causality; Stationarity; Cointegration; Price variable; Testing PPP; Floating rates; Metallic standards; Gold standard; Exchange rate (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-95925-8_3

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DOI: 10.1007/978-3-030-95925-8_3

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