Purchasing Power Parity in the Long Run: A Test of the Dollar/Pound Exchange Rate (1890-1978)
用1890年以来的数据检验美元/英镑汇率的长期购买力平价假说，发现简单模型支持PPP，但货币模型显示永久偏离可能存在。
This paper tests the Purchasing Power Parity (PPP) hypothesis by analyzing t he long-run tendency of the dollar/pound exchange rate using data sin ce 1890. Two different models are considered: (1) a na ive model and (2) a modified monetary model. The conditions of propor tionality and symmetry cannot be rejected when using the naive model. The final results using the monetary model, however, indicate that t he existence of permanent deviations from PPP cannot be ruled out. Copyright 1987 by Ohio State University Press.