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What Is Causing the Heterogeneous Persistence of Deviations from Parity?
3A Frequency Distribution of MedianUnbiased HalfLives of Deviations from
50 percent probability Andrews and Chen approximate p-value AR(p autoregressive parameter Average half-life average median bias Burkina Faso calculated Central African Republic Cheung classification Countries with Annual country groups country’s cross-country heterogeneity dejure developing countries deviations from parity deviations from PPP effective exchange rate Exchange Rate Countries exchange rate regimes exchange rate shocks external financing GDP per capita half-life of parity Half-lives of Deviations IMF AREAER IMF’s impulse response impulse response function inflation least squares estimates median-unbiased estimation Median-Unbiased Half-lives Nigeria nominal exchange rate null hypothesis p-value parity deviations parity reversion Permanent Half-life persistence of parity persistence of real post-Bretton Woods period PPP holds Purchasing Power Parity real effective exchange real exchange rate REER Reinhart and Rogoff Reinhart-Rogoff 2002 Republic of Congo reversion of real sample speed of parity Togo true half-life U.S. dollars unbiased model-selection rule unit root World Bank 2002 Zambia