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    Purchasing Power Parity (PPP) of Australian Dollar: Do Test Procedures Matter?

    156530_34518_EAP.pdf (375.7Kb)
    Access Status
    Open access
    Authors
    Hassan, A.
    Salim, Ruhul
    Date
    2011
    Type
    Journal Article
    
    Metadata
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    Citation
    Hassan, A.F.M. and Salim, Ruhul. 2011. Purchasing Power Parity (PPP) of Australian Dollar: Do Test Procedures Matter? Economic Analysis and Policy. 41 (1): pp. 71-81.
    Source Title
    Economic Analysis and Policy
    ISSN
    03135926
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/28092
    Collection
    • Curtin Research Publications
    Abstract

    This article aims to reexamine whether Australia’s real exchange rate is mean reverting in the long run by using quarterly trade weighted indices of real exchange rate data for the period of June 1970 to September 2009. We use the state of the art of several more recent econometric tests for this purpose. The empirical result shows that the non-stationarity of Australia’s real exchange rate cannot be rejected. Thus, our results support the PPP hypothesis in Australia. Our results are contradictory to those of Cuestas and Regis (2008), but conform to those of Darné and Hoarau (2007 and 2008).

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