A quantitative reassessment of the purchasing power parity hypothesis: Evidence from Norway and the United Kingdom
使用挪威和英国1874至1971年的年度数据重新检验购买力平价理论，发现简单版本仅在考虑浮动汇率期（1914-1928）的短期动态时成立，而扩展模型需加入短期周期变量和长期结构性因素（如生产率、贸易条件）。
Abstract Annual data from Norway and the United Kingdom from 1874 to 1971 are used to reassess the empirical performance of the purchasing power parity (PPP) doctrine. The simple version of the PPP relationship is supported by the data only if different short‐run dynamics during a floating‐rate period 1914–1928 is allowed for. Two sets of factors were found to be important in amending the simple PPP model. These were short‐run cyclical variables affecting the adjustment towards the PPP equilibrium relationship and long‐run structural factors such as productivity and terms of trade. Within this expanded model the proportionality between the exchange rate and relative price levels could not be rejected.