Real Exchange Rates under the Gold Standard
指出多数购买力平价研究因数据低频信息不足和动态计量方法粗糙而存在缺陷，通过使用更长数据集和长记忆模型分析汇率偏离，得出显著结果。
In this paper, the authors assert that most studies that have sought to determine the validity of purchasing power parity are flawed for two reasons. First, post-1973 data contain, by definition, only a very limited amount of the low-frequency information relevant for examination of long-run parity. Second, the dynamic econometric techniques used to model deviations from parity are typically quite crude with respect to admissible low-frequency dynamics. Both deficiencies are rectified in the present paper, with dramatic results. With a new longer data set, the authors study deviations from parity using long-memory models that allow for subtle forms of mean reversion. Copyright 1991 by University of Chicago Press.