The Adjustment of Prices and the Adjustment of the Exchange Rate
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The purchasing power parity puzzle relates to the adjustment of real exchange rates. Real exchange rates are extremely volatile, suggesting that temporary shocks emanate from the monetary sector. But the half-life of real exchange rate deviations is extremely large -- 2.5 to 5 years. This half-life
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美国国家经济研究局创建时间：
2001-10-01
