The Purchasing Power Parity Criterion For Stabilizing Exchange Rates
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The Purchasing Power Parity Criterion for Stabilizing Exchange Rates
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 1989-06-21 |
Genre | : Business & Economics |
ISBN | : 1451970161 |
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The use of purchasing power parity as a basis of fixing exchange rates among industrial countries, as proposed by McKinnon, is discussed and contrasted with alternative interpretations of the PPP doctrine. Major policy implications of such a regime are emphasized. Furthermore, a new technique for estimating PPP exchange rates which makes use of price pressure exerted by exchange deviation is introduced. This method is capable of solving the “base-year” problem more satisfactorily than the traditional Cassel-Keynes methodology. Estimated yen/dollar and mark/dollar PPP exchange rates are close to estimates derived using other methods.
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