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Purchasing Power Parity: The Empirical Evidence

In: International Parity Conditions

Author

Listed:
  • Imad A. Moosa

    (La Trobe University)

  • Razzaque H. Bhatti

    (University of Azad Jammu and Kashmir)

Abstract

The empirical validity of PPP has been tested for a large number of currencies under both fixed and flexible exchange rates. For this purpose researchers have employed a variety of estimation techniques, various model specifications and sample data with varying frequency and time horizons. Evidence on PPP can be classified under the following main headings: (i) evidence from the flexible exchange rates of the 1920s; (ii) evidence from post-Bretton Woods flexible exchange rates; (iii) evidence from the EMS and other European countries’ exchange rates; (iv) evidence from the exchange rates of other countries; (v) evidence from long-run data (ignoring changes in exchange rate regimes); and (vi) evidence on the ‘augmented’ PPP. Obviously, overlapping in this kind of classification is inevitable.

Suggested Citation

  • Imad A. Moosa & Razzaque H. Bhatti, 1997. "Purchasing Power Parity: The Empirical Evidence," Palgrave Macmillan Books, in: International Parity Conditions, chapter 10, pages 213-238, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25523-8_10
    DOI: 10.1007/978-1-349-25523-8_10
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