1994•Applied Economics LettersRequires access

Long-run purchasing power parity: the case of Greece 1980-1992

Everton Dockery, Yannis Georgellis

Abstract

In this paper we use cointegration techniques to test the long-run Purchasing Power Parity (PPP) hypothesis for nine Drachma exchange rates within the European currency area. The results support the long-run PPP hypothesis only in the cases of Portugal, Spain and the UK, as these countries were not seriously constrained by the Exchange Rate Mechanism (ERM).

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Key concepts: Purchasing power parity, Cointegration, Relative purchasing power parity, Economics, Currency, Exchange rate, Econometrics, Monetary economics