Evidence on the purchasing power parity in a panel of cities
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.
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Document Type: Research Article
Affiliations: 'Anàlisi Quantitativa Regional' Research Group Departament d'Econometria Estadística i Economia Espanyola Universitat de Barcelona Spain
Publication date: 2004-05-01