Publication: Paridad del poder adquisitivo: mecanismos de corrección del error e inestabilidad paramétrica
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1999
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Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
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Este artículo analiza empíricamente la validez de la Paridad del Poder Adquisitivo (PPA) empleando la metodología del Modelo de Corrección del Error (MCE). Los objetivos del mismo se pueden sintetizar en cuatro: en primer lugar, examinar qué variable o variables incorporan en su dinámica a corto plazo un mecanismo de corrección del error. En segundo lugar, obtener información sobre la intensidad con la que se corrigen las desviaciones del equilibrio, es decir, sobre cuál es la velocidad de ajuste hacia el equilibrio a largo plazo. En tercer lugar, analizar si el mecanismo de ajuste hacia el equilibrio es estable y en último lugar, examinar si existen diferencias sectoriales entre los bienes que pueden ser catalogados como comerciables y no comerciables.
This paper examines the behavior of Purchasing Power Parity (PPP) using Error Correction Models (ECM). We distinguish four different objectives: firstly, this paper examines what variable or variables exhibit a significant error correction mechanisms. In addition, this paper shows empirical evidence about the velociy of adjustment lo the long run equlibrium. On the other hand, it examines the adjustment coefficient stability and, finally, it analyses if the behavior of traded sectors and non-trade sectors is different.
This paper examines the behavior of Purchasing Power Parity (PPP) using Error Correction Models (ECM). We distinguish four different objectives: firstly, this paper examines what variable or variables exhibit a significant error correction mechanisms. In addition, this paper shows empirical evidence about the velociy of adjustment lo the long run equlibrium. On the other hand, it examines the adjustment coefficient stability and, finally, it analyses if the behavior of traded sectors and non-trade sectors is different.
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