Evidence on the purchasing power parity in a panel of cities

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Evidence is provided on the PPP hypothesis using a sample of 50 Spanish cities for a long time period through the application of panel data unit root tests. Although results suggest non-rejection of the PPP, short-run deviations - as measured by half-lives - indicate that real factors might be causing a slow rate of convergence to a common price index, even in highly integrated economies.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/0003684042000233186

Affiliations: 'Anàlisi Quantitativa Regional' Research Group Departament d'Econometria Estadística i Economia Espanyola Universitat de Barcelona Spain

Publication date: May 1, 2004

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