Matches in SemOpenAlex for { <https://semopenalex.org/work/W1494083478> ?p ?o ?g. }
Showing items 1 to 75 of
75
with 100 items per page.
- W1494083478 abstract "The so-called purchasing-power parity (PPP) puzzle takes one of two forms. In its first form, early tests of the PPP-hypothesis failed to reject unit roots in real exchange rates, thus rejecting the hypothesis of PPP holding in the long term. In the more recent literature, the literature on the PPP puzzle focused on stochastic real exchange rate models that allow long term PPP to hold. However, early estimates of such models suggested that the real exchange rates converge to their long-term PPP levels at a very slow rate (usually expressed as a of 3~5 years), c.f. Rogoff (1996). Attempts to solve the second form of the PPP-puzzle have been forthcoming in recent years, mostly by using non-linear stochastic models of real exchange rates. However, despite the introduction of non-linearities, the literature has continued to focus on the notion of half-life as a measure of persistence. We argue the measure is only appropriate in linear settings, failing to capture the richness of non-linear dynamics introduced in the more recent literature. We propose operational measures of persistence in such non-linear models, which we label short-memory in distribution (SMD, which is similar to the notion of -mixing), and short-memory in mean (SMM, c.f. Granger (1995)). We show that focusing on a simple notion such as half-life can be very misleading. In particular, we show that it is possible to match desired half-lives for any of the most popular non-linear models recently proposed in the literature. However, we show that those models imply very different persistent properties for the same half-life. We conclude that depending on the models and criteria selected for investigating the PPP puzzle, the puzzle may be in the eye of the beholder." @default.
- W1494083478 created "2016-06-24" @default.
- W1494083478 creator A5019678650 @default.
- W1494083478 creator A5082533523 @default.
- W1494083478 date "2004-08-11" @default.
- W1494083478 modified "2023-09-27" @default.
- W1494083478 title "Short Memory and the PPP-puzzle" @default.
- W1494083478 hasPublicationYear "2004" @default.
- W1494083478 type Work @default.
- W1494083478 sameAs 1494083478 @default.
- W1494083478 citedByCount "0" @default.
- W1494083478 crossrefType "posted-content" @default.
- W1494083478 hasAuthorship W1494083478A5019678650 @default.
- W1494083478 hasAuthorship W1494083478A5082533523 @default.
- W1494083478 hasConcept C105795698 @default.
- W1494083478 hasConcept C109888216 @default.
- W1494083478 hasConcept C121332964 @default.
- W1494083478 hasConcept C149782125 @default.
- W1494083478 hasConcept C162324750 @default.
- W1494083478 hasConcept C163175372 @default.
- W1494083478 hasConcept C2776988154 @default.
- W1494083478 hasConcept C2780009758 @default.
- W1494083478 hasConcept C2986394398 @default.
- W1494083478 hasConcept C33923547 @default.
- W1494083478 hasConcept C41008148 @default.
- W1494083478 hasConcept C556758197 @default.
- W1494083478 hasConcept C61797465 @default.
- W1494083478 hasConcept C62520636 @default.
- W1494083478 hasConcept C69048361 @default.
- W1494083478 hasConcept C77088390 @default.
- W1494083478 hasConcept C91602232 @default.
- W1494083478 hasConceptScore W1494083478C105795698 @default.
- W1494083478 hasConceptScore W1494083478C109888216 @default.
- W1494083478 hasConceptScore W1494083478C121332964 @default.
- W1494083478 hasConceptScore W1494083478C149782125 @default.
- W1494083478 hasConceptScore W1494083478C162324750 @default.
- W1494083478 hasConceptScore W1494083478C163175372 @default.
- W1494083478 hasConceptScore W1494083478C2776988154 @default.
- W1494083478 hasConceptScore W1494083478C2780009758 @default.
- W1494083478 hasConceptScore W1494083478C2986394398 @default.
- W1494083478 hasConceptScore W1494083478C33923547 @default.
- W1494083478 hasConceptScore W1494083478C41008148 @default.
- W1494083478 hasConceptScore W1494083478C556758197 @default.
- W1494083478 hasConceptScore W1494083478C61797465 @default.
- W1494083478 hasConceptScore W1494083478C62520636 @default.
- W1494083478 hasConceptScore W1494083478C69048361 @default.
- W1494083478 hasConceptScore W1494083478C77088390 @default.
- W1494083478 hasConceptScore W1494083478C91602232 @default.
- W1494083478 hasLocation W14940834781 @default.
- W1494083478 hasOpenAccess W1494083478 @default.
- W1494083478 hasPrimaryLocation W14940834781 @default.
- W1494083478 hasRelatedWork W101494793 @default.
- W1494083478 hasRelatedWork W1494033650 @default.
- W1494083478 hasRelatedWork W1495331906 @default.
- W1494083478 hasRelatedWork W1528574704 @default.
- W1494083478 hasRelatedWork W1652044498 @default.
- W1494083478 hasRelatedWork W1863553798 @default.
- W1494083478 hasRelatedWork W1975015103 @default.
- W1494083478 hasRelatedWork W2020857860 @default.
- W1494083478 hasRelatedWork W2056229626 @default.
- W1494083478 hasRelatedWork W2072395765 @default.
- W1494083478 hasRelatedWork W2101360043 @default.
- W1494083478 hasRelatedWork W2159723913 @default.
- W1494083478 hasRelatedWork W2273507201 @default.
- W1494083478 hasRelatedWork W3121213007 @default.
- W1494083478 hasRelatedWork W3122886027 @default.
- W1494083478 hasRelatedWork W3124322531 @default.
- W1494083478 hasRelatedWork W3124396107 @default.
- W1494083478 hasRelatedWork W3144042435 @default.
- W1494083478 hasRelatedWork W325587787 @default.
- W1494083478 hasRelatedWork W90490229 @default.
- W1494083478 isParatext "false" @default.
- W1494083478 isRetracted "false" @default.
- W1494083478 magId "1494083478" @default.
- W1494083478 workType "article" @default.