Multihorizon Currency Returns and Purchasing Power Parity
In: CEPR Discussion Paper No. DP12893
377337 Ergebnisse
Sortierung:
In: CEPR Discussion Paper No. DP12893
SSRN
Working paper
In: NBER Working Paper No. w24563
SSRN
Working paper
In: The journal of developing areas, Band 38, Heft 2, S. 155-169
ISSN: 1548-2278
There is increasing interest in regional trade, investment, and currency blocs, and in the optimal public policies for such blocs. There is also much managerial interest in the co-movement of exchange rates in a region. The Eastern Caribbean Currency Bloc is one of only three (and one of the longer lasting) multi-country common central banks in the world and is the only such bank in which member countries pool all their foreign reserves. While it is an important economic region especially for the United States, most studies of regional exchange rate relationships have not examined the nature of Caribbean exchange rates. This paper documents for the first time that purchasing power parity holds for each exchange rate and many real exchange rates are cointegrated and move in a bloc in the Eastern Caribbean region over the 1980s and 1990s.
SSRN
In: Bulletin of the atomic scientists, Band 50, Heft 2, S. 10-12
ISSN: 1938-3282
In: The bulletin of the atomic scientists: a magazine of science and public affairs, Band 50, Heft 2, S. 10-12
ISSN: 0096-3402, 0096-5243, 0742-3829
World Affairs Online
In: The international library of critical writings in economics 226
In: Edward Elgar E-Book Archive
Recommended readings (Machine generated): Gustav Cassel (1916), 'The Present Situation of The Foreign Exchanges', Economic Journal, XXVI (101), March, 62-5 -- Gustav Cassel (1920), 'Further Observations on the World's Monetary Problem', Economic Journal, XXX (117), March, 39-45 -- Yihui Lan (2002), 'The Explosion of Purchasing Power Parity', in Meher Manzur (ed) (ed.), Exchange Rates, Interest Rates and Commodity Prices, Chapter 2, Cheltenham, UK: Edward Elgar, 9-38 -- Bela Balassa (1964), 'The Purchasing-Power Parity Doctrine: A Reappraisal', Journal of Political Economy, 72, 584-96 -- Paul A. Samuelson (1964), 'Theoretical Notes on Trade Problems', Review of Economics and Statistics, 46, 145-54 -- Peter Isard (1977), 'How Far Can We Push the "Law of One Price"?', American Economic Review, 67 (5), December, 942-8 -- Jacob A. Frenkel (1978), 'Purchasing Power Parity: Doctrinal Perspective and Evidence from the 1920s', Journal of International Economics, 8 (2), May, 169-91 -- Michael Adler and Bruce Lehmann (1983), 'Deviations from Purchasing Power Parity in the Long Run', Journal of Finance, XXXVIII (5), December, 1471-87 -- Dean Corbae and Sam Ouliaris (1988), 'Cointegration and Tests of Purchasing Power Parity', Review of Economics and Statistics, 70, 508-11 -- Craig S. Hakkio (1984), 'A Re-examination of Purchasing Power Parity: A Multi-Country and Multi-Period Study', Journal of International Economics, 17, 265-77 -- Niso Abuaf and Philippe Jorion (1990), 'Purchasing Power Parity in the Long Run', Journal of Finance, XLV (1), March, 157-74 -- Meher Manzur (1990), 'An International Comparison of Prices and Exchange Rates: A New Test of Purchasing Power Parity', Journal of International Money and Finance, 9 (1), March, 75-91 -- James R. Lothian and Mark P. Taylor (1996), 'Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries', Journal of Political Economy, 104 (3), 488-509 -- Jeffrey A. Frankel and Andrew K. Rose (1996), 'A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries', Journal of International Economics, 40 (1-2), 209-24 -- Panos Michael, A. Robert Nobay and David A. Peel (1997), 'Transactions Costs and Nonlinear Adjustment in Real Exchange Rates: An Empirical Investigation', Journal of Political Economy, 105 (4), 862-79 -- Mark P. Taylor and Lucio Sarno (1998), 'The Behavior of Real Exchange Rates during the Post-Bretton Woods Period', Journal of International Economics, 46, 281-312 -- Charles Engel (2000), 'Long-Run PPP May Not Hold After All', Journal of International Economics, 57, 243-73 -- Li Lian Ong (1997), 'Burgernomics: The Economics of the Big Mac Standard', Journal of International Money and Finance, 16 (6), 865-78 -- Kenneth Rogoff (1996), 'The Purchasing Power Parity Puzzle', Journal of Economic Literature, XXXIV, June, 647-68
In: Ekonomiska studier utgivna av Nationalekonomiska Institutionen Handelshögskolan vid Göteborgs Universitet 103
The presence of money has become an important part of people's daily lives, as well as the purchasing power of the people as an important element in the smooth economic cycle. The emergence of money came from the development of transactions that initially used barter which was later replaced by currency as a medium of exchange for international trade. Money management can be done by the government by controlling money in the form of monetary policy. This policy was a benchmark for a country's economy, when the state was able to control money well, the people's economy was also prosperous. The qualitative descriptive approach was used in this study. This article tried to provide views and discussion material to what extent the concept of monetary policy according to Al-Maqrizi and the implementation of his thinking was used in policymaking on people's purchasing power. The result of this research was that the concept offered by Al-Maqrizi was a concept of money that led to a moral, just, humane, and prosperous economy.The presence of money has become an important part of people's daily lives, as well as the purchasing power of the people as an important element in the smooth economic cycle. The emergence of money came from the development of transactions that initially used barter which was later replaced by currency as a medium of exchange for international trade. Money management can be done by the government by controlling money in the form of monetary policy. This policy was a benchmark for a country's economy, when the state was able to control money well, the people's economy was also prosperous. The qualitative descriptive approach was used in this study. This article tried to provide views and discussion material to what extent the concept of monetary policy according to Al-Maqrizi and the implementation of his thinking was used in policymaking on people's purchasing power. The result of this research was that the concept offered by Al-Maqrizi was a concept of money that led to a moral, just, humane, and prosperous economy.
BASE
In: The international library of critical writings in economics 226
POLICY POINTS: Strategically purchasing health care has been and continues to be a popular policy idea around the world. Key asymmetries in information, market power, political power, and financial power hinder the effective implementation of strategic purchasing. Strategic purchasing has consistently failed to live up to its promises for these reasons. Future strategies based on strategic purchasing should tailor their expectations to its real effectiveness. CONTEXT: Strategic purchasing of health care has been a popular policy idea around the world for decades, with advocates claiming that it can lead to improved quality, patient satisfaction, efficiency, accountability, and even population health. In this article, we report the results of an inquiry into the implementation and effects of strategic purchasing. METHODS: We conducted three in‐depth case studies of England, the Netherlands, and the United States. We reviewed definitions of purchasing, including its slow acquisition of adjectives such as strategic, and settled on a definition of purchasing that distinguishes it from the mere use of contracts to regulate stable interorganizational relationships. The case studies review the career of strategic purchasing in three different systems where its installation and use have been a policy priority for years. FINDINGS: No existing health care system has effective strategic purchasing because of four key asymmetries: market power asymmetry, information asymmetry, financial asymmetry, and political power asymmetry. CONCLUSIONS: Further investment in policies that are premised on the effectiveness of strategic purchasing, or efforts to promote it, may not be worthwhile. Instead, policymakers may need to focus on the real sources of power in a health care system. Policy for systems with existing purchasing relationships should take into account the asymmetries, ways to work with them, and the constraints that they create.
BASE
In: The B.E. journal of theoretical economics, Band 8, Heft 1
ISSN: 1935-1704
The paper shows that market power may be an additional cause for the failure of PPP without making the usual assumption of segmentation of national markets. We construct an international multi-currency economy based on the strategic market game model with multiple trading posts, where, besides sellers, buyers have market power as well. Although arbitrage is costless, PPP may fail and exchange rates may be inconsistent at equilibrium due to agents' price effects in currency and commodity markets. We derive conditions on individual net trades and elasticities that result in PPP violation and exchange rate inconsistencies. A numerical example shows that when consistency fails, the ordering of prices is not well-defined. When the number of agents in the economy increases, PPP deviations and inconsistencies tend to zero, thus providing a strategic foundation of PPP theory. Furthermore, the size of PPP deviations is positively related to the number of currencies traded.
In: Journal of international economics, Band 8, Heft 2, S. 169-191
ISSN: 0022-1996
In: Advanced Studies in Theoretical and Applied Econometrics; International Competitiveness in Africa, S. 135-160