Cities, Borders, Distances, Non‐Traded Goods and Purchasing Power Parity
使用美国和加拿大城市的分地区、分商品价格数据，检验边界、距离和商品类型对购买力平价失效的影响，发现边界和距离作用显著，商品类型影响不确定。
Most empirical studies for the post Bretton‐Woods period fail to find evidence of a long‐run Purchasing Power Parity (PPP) relationship. An investigation into the failure of PPP is made in this study by using disaggregated price data. This disaggregation is on two levels: location (prices from US and Canadian cities rather than national aggregates) and type of goods (e.g., fuel oil, a tradable commodity and local public transportation, a non‐tradable). This disaggregation allows for the testing of the importance of borders (implying an exchange rate), distances, and types of goods in the failure of PPP. The analysis conducted suggests that both country borders and distances play a significant role. However, there is mixed evidence concerning type of goods as an important determinant of the failure of PPP.