Additional Evidence of Long-Run Purchasing Power Parity with Restricted Structural Change
用工业化国家的长期实际汇率数据，检验两种购买力平价版本，通过允许结构变化的单位根检验，在传统方法未发现证据的5个国家中找到了支持PPP的证据。
We investigate two alternative versions of Purchasing Power Parity (PPP): reversion to a constant mean in the spirit of Cassel and reversion to a constant trend in the spirit of Balassa and Samuelson, using long-span real exchange rate data for industrialized countries. We develop unit root tests that both account for structural change and maintain a long-run mean or trend. With conventional tests, previous research finds evidence of some variant of PPP for 9 of the 16 countries. With the unit root tests in the presence of restricted structural change, we find evidence of PPP for five additional countries.