Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations
利用美国48个城市的51种价格数据，估计了购买力平价的收敛速度上限，发现收敛速度远高于跨国数据，且价格差异越大收敛越快，城市距离越远收敛越慢。
Using a panel of 51 prices from 48 cities in the United States, we provide an upper bound estimate of the rate of convergence to purchasing power parity. We find convergence rates substantially higher than typically found in cross-country data. We investigate some potentially serious biases induced by i.i.d. measurement errors in the data, and find our estimates to be robust to these potential biases. We also present evidence that convergence occurs faster for larger price differences. Finally, we find that rates of convergence are slower for cities farther apart. However, our estimates suggest that distance alone can only account for a small portion of the much slower convergence rates across national borders.