Series: IMF Working Papers
Author(s): C. McDermott , and Paul Cashin
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 December 2001
Keywords: Median-unbiased estimation, shock persistence, exchange rate, exchange rates, confidence intervals, confidence interval, real exchange rates,
Univariate studies of the hypothesis of unit roots in real exchange rates have yielded consensus point estimates of the half-life of deviations from purchasing power parity of between three to five years. However,...