Is there a base currency effect in long-run PPP?
研究了购买力平价文献中的基准货币效应，即德国马克实际汇率比美元更易支持均值回归，利用19个OECD国家1973-1997年数据，采用允许横截面依赖的面板单位根方法，发现支持长期PPP但无基准货币效应。
The base currency effect in the purchasing power parity (PPP) literature refers to the stylized fact that tests on German mark real exchange rates are more likely to support mean reversion than analogous tests on US dollar rates. Using a panel of 19 OECD currencies, 1973–1997, we employ different panel unit root approaches to investigate the view that this effect can be attributed to neglected cross-sectional dependence. While the results from panel methods which permit cross-sectional dependence and heterogeneous serial correlation generally support long-run PPP, they provide no evidence of a base currency effect. Copyright © 2000 John Wiley & Sons, Ltd.