荷兰和英国过去四个世纪的汇率和价格

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2024-09-07 DOI:10.1111/jmcb.13213

JAMES R. LOTHIAN, JOHN DEVEREUX

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引用次数: 0

摘要

本文利用 1590 年至 2020 年荷兰和英国（早期的荷兰共和国和英格兰）的数据，研究了购买力平价（PPP）关系的长期稳定性。我们首先研究了增长率形式的实际汇率行为，发现了支持长期相对购买力平价的有力证据。在价格水平方面，我们发现在整个时期内存在均值回归行为的证据，在 1788 年至 1931 年期间，均值发生了一次长期变化。在这一漫长时期内，可能影响购买力平价关系稳定性的其他各种因素似乎并不重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Exchange Rates and Prices in the Netherlands and Britain over the Past Four Centuries

The paper studies the long‐term stability of the purchasing‐power‐parity (PPP) relation using data for the Netherlands and Great Britain (earlier the Dutch Republic and England) from 1590 until 2020. We begin by investigating the behavior of the real exchange rate in rate‐of‐growth form finding strong evidence supporting long‐run relative PPP. Turning to price levels, we find evidence of mean‐reverting behavior over the whole period with one long‐lived shift in mean between 1788 and 1931. The myriad other factors that varied over this long period that might have affected the stability of the PPP relation do not appear to have mattered.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.