购买力平价与价格行为及汇率制度外文.pdfVIP

Journal of International Money and Finance 69 (2016) 5–21 Contents lists available at ScienceDirect Journal of International Money and Finance journal homepage: /locate/jimf Purchasing power parity and the behavior of prices and nominal exchange rates across exchange-rate regimes James R. Lothian * Gabelli School of Business, Fordham University, 113 West 60th Street, New York, NY A R T I C L E I N F O A B S T R A C T Article history: The evidence presented in this paper shows that purchasing power Available online 30 June 2016 parity as a long-run proposition is indeed a very useful approxi- mation. We see this quite clearly in the panel data for three historical JEL Classification: periods examined here – the classical gold standard era from 1870 F31 to 1914, the interwar period from 1921 to 1939, and the period after F33 World War II from 1959 to 1998. Price-level behavior across countries F41 differs in the way that PPP suggests when monetary arrangements Keywords: differ and is highly similar when monetary arrangements are them- Exchange rates selves similar. Inflation rates adjusted for exchange rate changes in Purchasing power parity general are highly correlated and bear a one-to-one relation to one International transmission another within and across the three periods and the varied mon- Monetary regimes