TY  - BOOK
AU  - Flood,Robert P.
TI  - IMF Staff Papers, Volume 50, No. 3
T2  - IMF Staff Papers; IMF Staff Papers, Volume 50
SN  - 1589062035 :
SN  - 1020-7635
PY  - 2003///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Confidence Interval
KW  - imf
KW  - Confidence Intervals
KW  - Real Exchange Rate
KW  - Serial Correlation
KW  - Unit Root
KW  - Canada
KW  - Iceland
KW  - United Kingdom
N2  - This paper analyzes the issue of purchasing power parity using real effective exchange rate (REER) data for 20 industrial countries in the post-Bretton Woods period. The serial correlation-robust median-unbiased estimator yields a cross-country average of half-lives of deviations from parity of about eight years, with the REER of several countries displaying permanent deviations from parity. The paper analyzes integration of Africa into world trade. The high-yield spread as a predictor of real economic activity is also examined
UR  - http://elibrary.imf.org/view/IMF024/03378-9781589062030/03378-9781589062030/03378-9781589062030.xml
UR  - http://www.imfbookstore.org/IMFORG/9781589062030
ER  -