HOW PUZZLING IS THE PPP PUZZLE? AN ALTERNATIVE HALF‐LIFE MEASURE OF CONVERGENCE TO PPP
论文指出文献中衡量实际汇率半衰期的指标可能有问题，提出了关注冲击累积效应的替代指标，并用美元双边汇率数据验证，发现购买力平价谜题没那么严重。
SUMMARY Evidence of lengthy half‐lives for real exchange rates in the presence of a high degree of exchange rate volatility has been considered as one of the most puzzling empirical regularities in international macroeconomics. This paper suggests that the measure of half‐life used in the literature might be problematic and proposes alternative measures with desirable properties. Their focus on the cumulative effects of the shocks distinguishes them from the measures used in the literature. An empirical analysis of bilateral US dollar real exchange rates employing the alternative half‐life measure produces results consistent with theory and indicates that the PPP puzzle is less pronounced than initially thought. Copyright © 2012 John Wiley & Sons, Ltd.