Purchasing power parity and market frictions: a neutral band analysis

Phillip Lawler and Neil Manning

Applied Economics Letters, 1994, vol. 1, issue 12, 230-232

Abstract: The paper employs a simple threshold model of US bilateral real exchange rate dynamics. The econometric results appear consistent with the existence of a 'neutral band'. Real exchange rates seem to revert to purchasing power parity (PPP) levels only outside the neutral band.

Date: 1994
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DOI: 10.1080/135048594357808

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