Is Real Exchange Rate Mean Reversion Caused By Arbitrage?
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The presence of purchasing power parity is often attributed to the exploitation of arbitrage opportunities in goods markets. We examine this presumption for a 1960-1996 monthly panel of bilateral exchange rates and trade for the G7 countries. The data exhibit strong mean reversion. However, despite
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美国国家经济研究局创建时间：
1997-09-01
