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Purchasing Power Parity

Edited by Meher Manzur, Associate Professor, School of Business and Law, Edith Cowan University, Australia
Extent: 352 pp
Hardback Price: $220.00 Web: $198.00
Publication Date: 2008
ISBN: 978 1 84720 942 9
Availability: In Stock

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  • Development Studies
  • Development Economics
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  • Methodology of Economics
‘. . . the compendium is worth reading by anyone who is interested in the understanding, history, importance and the empirical evidence of the ppp.’
– Jan-Christoph Rülke, Jahrbucher fur Nationalokonomie und Statistik

‘The realignment of the dollar, the “true” value of the Chinese yuan, the expansion of the euro block, and the pricing of Big Macs around the world all relate to purchasing power parity. In short, never before has there been so much interest in the PPP theory of exchange rates and after a controversial history of ups and downs, the idea now seems here to stay. Manzur’s book presents in one convenient place the “basic documents” on PPP theory and practice that will be invaluable to currency analysts, policymakers and scholars everywhere.’
– Kenneth W. Clements, The University of Western Australia
19 articles, dating from 1916 to 2002
Contributors include: B. Balassa, G. Cassel, C. Engel, J.A. Frankel, C.S. Hakkio, P. Isard, J.R. Lothian, K. Rogoff, P.A. Samuelson, M.P. Taylor


Introduction Meher Manzur and Felix Chan

1. Gustav Cassel (1916), ‘The Present Situation of The Foreign Exchanges’
2. Gustav Cassel (1920), ‘Further Observations on the World’s Monetary Problem’
3. Yihui Lan (2002), ‘The Explosion of Purchasing Power Parity’
4. Bela Balassa (1964), ‘The Purchasing-Power Parity Doctrine: A Reappraisal’
5. Paul A. Samuelson (1964), ‘Theoretical Notes on Trade Problems’
6. Peter Isard (1977), ‘How Far Can We Push the “Law of One Price”?’
7. Jacob A. Frenkel (1978), ‘Purchasing Power Parity: Doctrinal Perspective and Evidence from the 1920s’
8. Michael Adler and Bruce Lehman (1983), ‘Deviations from Purchasing Power Parity in the Long Run’
9. Dean Corbae and Sam Ouliaris (1988), ‘Cointegration and Tests of Purchasing Power Parity’
10. Craig S. Hakkio (1984), ‘A Re-examination of Purchasing Power Parity: A Multi-Country and Multi-Period Study’
11. Niso Abuaf and Philippe Jorion (1990), ‘Purchasing Power Parity in the Long Run’
12. Meher Manzur (1990), ‘An International Comparison of Prices and Exchange Rates: A New Test of Purchasing Power Parity’
13. James R. Lothian and Mark P. Taylor (1996), ‘Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries’
14. Jeffrey A. Frankel and Andrew K. Rose (1996), ‘A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries’
15. Panos Michael, A. Robert Nobay and David A. Peel (1997), ‘Transactions Costs and Nonlinear Adjustment in Real Exchange Rates: An Empirical Investigation’
16. Mark P. Taylor and Lucio Sarno (1998), ‘The Behaviour of Real Exchange Rates during the Post-Bretton Woods Period’
17. Charles Engel (2000), ‘Long-Run PPP May Not Hold After All’
18. Li Lian Ong (1997), ‘Burgernomics: The Economics of the Big Mac Standard’
19. Kenneth Rogoff (1996), ‘The Purchasing Power Parity Puzzle’

Name Index