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    Purchasing power parity-evidence from a new panel test

    Access Status
    Fulltext not available
    Authors
    MacDonald, Garry
    Allen, D.
    Cruickshank, S
    Date
    2002
    Type
    Journal Article
    
    Metadata
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    Citation
    MacDonald, G. and Allen, D. and Cruickshank, S. 2002. Purchasing power parity-evidence from a new panel test. Applied Economics 34 (11): pp. 1319-1324.
    Source Title
    Applied Economics
    DOI
    10.1080/00036840110103760
    ISSN
    14664283
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/24016
    Collection
    • Curtin Research Publications
    Abstract

    This paper uses a recently suggested test for unit roots in panels of time series data (Maddala and Wu, Oxford Bulletin of Economics and Statistics, 61, 631-52,1999) to consider the Purchasing Power Parity hypothesis. The major innovation of this test is that it allows both the testing of unit root null, using the ADF test, and the stationarity null, using the KPSS test. It is found that the results are inconsistent, suggesting that either alternative hypotheses to a unit root may need to be considered or that panel based testing in this particular context may be of limited value.

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