Further evidence on purchasing power parity over two centuries with multiple changes in persistence

Gawon Yoon

Applied Economics Letters, 2008, vol. 15, issue 14, 1093-1096

Abstract: By allowing for multiple changes in persistence, this note shows that the US/UK real exchange rate spanning two centuries is stationary. This result is consistent with the previous one in Lothian and Taylor (1996, 2000) and purchasing power parity is a useful approximation in the long run.

Date: 2008
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DOI: 10.1080/13504850600993556

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