Long-Run Purchasing Power Parity and the Dollar-Sterling Exchange Rate in the 1920's [electronic resource] / Mark P Taylor.
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TextSeries: IMF Working Papers; Working Paper ; No. 90/118Publication details: Washington, D.C. : International Monetary Fund, 1990Description: 1 online resource (25 p.)ISBN: 1451940564 :ISSN: 1018-5941Subject(s): Cointegration | Econometric Analysis | Linear Trend | Time Series | United KingdomAdditional physical formats: Print Version:: Long-Run Purchasing Power Parity and the Dollar-Sterling Exchange Rate in the 1920'sOnline resources: IMF e-Library | IMF Book Store Abstract: This paper replies to Ahking's (1990) re-examination of Taylor and McMahon's (1988) analysis of long-run purchasing power parity in the 1920s. We demonstrate that Ahking's conclusions are only partially correct and reestablish our conclusion that, a form of long-run purchasing-power parity did in fact hold for dollar-sterling during this period. The new results are also employed to gauge the degree of overvaluation of sterling relative to the imposed prewar parity of
This paper replies to Ahking's (1990) re-examination of Taylor and McMahon's (1988) analysis of long-run purchasing power parity in the 1920s. We demonstrate that Ahking's conclusions are only partially correct and reestablish our conclusion that, a form of long-run purchasing-power parity did in fact hold for dollar-sterling during this period. The new results are also employed to gauge the degree of overvaluation of sterling relative to the imposed prewar parity of .86 upon its return to gold and for 12 months afterwards.
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