Convergence Rates to Purchasing Power Parity for Traded and Nontraded Goods
估计了结构性误差修正模型中调整系数的速度，发现贸易品实际汇率的购买力平价偏离半衰期通常短于1年，且快于一般价格和非贸易品，表明贸易品向平价调整更快。
This article estimates the speed of the adjustment coefficient in structural error-correction models. We use a system method for real exchange rates of traded and nontraded goods by combining a single-equation method with Hansen and Sargent's instrumental variables methods for linear rational expectations models. We apply these methods to a modified version of Mussa's model. Our results show that the half-lives of purchasing power parity deviations for the rates of traded goods are less than 1 year and are shorter than those for general price and for nontraded goods in most cases, implying a faster adjustment speed to parity.