 | Parity Reversion in Real Exchange Rates : Fast, Slow or Not At All? Author/Editor: C John McDermott, Paul Cashin. Release Date:July, 2004 Consensus estimates put the half-life of deviations from purchasing power parity (PPP) at about four years (Rogoff, 1996). However, conventional least squares estimates of half-lives are biased more...
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| An Unbiased Appraisal of Purchasing Power Parity Author/Editor: C John McDermott, Paul Cashin. Release Date:December, 2001 Univariate studies of the hypothesis of unit roots in real exchange rates have yielded consensus point estimates of the half-life of deviations from purchasing power parity of between three to five more...
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| The Long-Run Behavior of Commodity Prices : Small Trends and Big Variability Author/Editor: Paul Cashin, C John McDermott. Release Date:May, 2001 Using the longest dataset publicly available (The Economist's index of industrial commodity prices), we analyze the behavior of real commodity prices over the period 1862-99, and have two main more...
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| How Persistent Are Shocks to World Commodity Prices? Author/Editor: Hong Liang, C John McDermott, Paul Cashin. Release Date:June, 1999 This paper examines the persistence of shocks to world commodity prices, using monthly IMF data on primary commodities between 1957–98. We find that shocks to commodity prices are more...
| Price: $15.00
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| Fiscal Imbalances, Capital Inflows, and the Real Exchange Rate : The Case of Turkey Author/Editor: E Murat Ucer, C John McDermott, Pierre-Richard Agénor. Release Date:January, 1997 This paper examines the links between fiscal policy, capital inflows, and the real exchange rate in Turkey since the late 1980s. After an overview of recent macroeconomic developments in Turkey, a more...
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| Are Australia's Current Account Deficits Excessive? Author/Editor: C John McDermott, Paul Cashin. Release Date:August, 1996 This paper compares the evolution of the Australian current account balance over the period 1954–94 against an optimal current account derived from a consumption-smoothing model. The more...
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| Does the Gap Model Work in Asia? Author/Editor: C John McDermott, David T Coe. Release Date:July, 1996 There is considerable evidence from industrial countries that the output gap is an important determinant of inflation. We examine whether the gap model also works in developing, newly more...
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| An Empirical Analysis of Fiscal Adjustments Author/Editor: Robert F Westcott, C John McDermott. Release Date:June, 1996 This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic more...
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| Estimation of the Near Unit Root Model of Real Exchange Rates Author/Editor: C John McDermott. Release Date:May, 1996 The time-series properties of real exchange rates, on a number of definitions, for 22 industrial countries during 1979-95 were used to re-examine whether PPP holds. It is shown that if real exchange more...
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| International Integration of Equity Markets and Contagion Effects Author/Editor: Paul Cashin, Manmohan S Kumar, C John McDermott. Release Date:November, 1995 This paper investigates empirically the degree of international integration of industrial and emerging country equity markets. It analyzes two issues: first, the extent to which equity prices have more...
| Price: $15.00
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