Purchasing Power Parity and New Trade Theory
Опубликовано на портале: 10-12-2003
IMF Working Paper Series.
2002.
No. 02/32.
Тематический раздел:
This paper theoretically derives and empirically tests the implications of a new
trade theory framework for the systematic movements m the real exchange rate. It
focuses on the effect of imperfect substitutability of tradables and on the importance
of competitiveness, for which we construct an original proxy. Using a panel dynamic
OLS estimation of nine bilateral US dollar real exchange rates, we derive long-run
coefficients for relative productivity and competitiveness in the tradable and non-tradable
sectors, controlling for standard macroeconomic variables. The implications of imperfect
substitutability of tradables fit the data better than the standard neoclassical
assumption of price equalization. Our new measure of competitiveness is statistically
significant in explaining deviations from PPP.
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