Dimitris A. Georgoutsos, Γεώργιος Π. Κουρέτας
Abstract
A test is made for the existence of long-run purchasing power parity (PPP) for three drahma bilateral exchange rates during the 1920s. Maximim likelihood estimation techniques of cointegration vectors are employed and they produce strong evidence in favour or PPP.
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A test is made for the existence of long-run purchasing power parity (PPP) for three drahma bilateral exchange rates during the 1920s. Maximim likelihood estimation techniques of cointegration vectors are employed and they produce strong evidence in favour or PPP.
Key concepts: Purchasing power parity, Cointegration, Relative purchasing power parity, Economics, Econometrics, Parity (physics), Estimation, Exchange rate