A paridade do poder de compra: existe um quebra-cabeça?

Autores

  • Fernando de Holanda Barbosa Fundação Getúlio Vargas. Escola de Pós-Graduação de Economia Autor

DOI:

https://doi.org/10.1590/S0101-41612009000300001

Palavras-chave:

paridade do poder de compra, taxa de câmbio real, taxa de câmbio real de equilíbrio de longo prazo

Resumo

Este trabalho mostra que o quebra-cabeça da paridade do poder de compra é um artefato estatístico produzido pelo fato de que a taxa de câmbio real de equilíbrio de longo prazo não é constante, mas varia ao longo do tempo. Este fato implica que o coeficiente de inércia é viciado para cima.

Downloads

Os dados de download ainda não estão disponíveis.

Referências

Balassa , Bela. The purchasing-power parity doctrine: a reappraisal. Journal of

Political Economy, 72, p. 584-596, 1964.

Cassel, Gustav. Abnormal deviations in international exchanges. Economic Journal,

, p. 413-415, 1918.

Dickey, David A.; Fuller, Wayne A. Likelihood ratio statistics for autoregressive

time series with a unit root. Econometrica, 49, p. 1057-1072, 1981.

Dornbusch, Rudiger. Expectations and exchange rate dynamics. Journal of Political

Economy, 84, p. 1161-1176, 1976.

Edwards , Sebastian. Real exchange rates, devaluation and adjustment. Cambridge:

Ma.: MIT Press, 1989.

Fleming, J. Marcus. Domestic financial policies under fixed and under floating

exchange rates. IMF Staff Papers 9, p. 369-379, 1962.

Harrod, Roy. International economics. Cambridge: Cambridge University Press, 1939.

Hinkle, Lawrence E.; Montiel, Peter J. Exchange rate misalignment concepts and measurement for developing countries. Oxford: Oxford University Press, 1999.

Michael, Panos; Nobay, A. Robert; Peel, David A. Transactions costs and nonlinear adjustment in real exchange rates: an empirical investigation. Journal of Political Economy, 105, p. 862-879, 1997.

Montiel, Peter. Determinants of the long-run equilibrium real exchange rate: an analytical model. In: Hinkle, Lawrence E.; Montiel, Peter J. (Org.), Exchange rate misalignment, concepts and measurement for developing countries. Oxford: Oxford University Press, 1999.

Mundell, Robert A. Capital mobility and stabilization policy under fixed and

flexible exchange rates. Canadian Journal of Economics and Political Science, 29,

p. 475-485, 1963.

Obstfeld, Maurice; Rogoff, Kenneth. Exchange rate dynamics redux. Journal of Political Economy, 103, p. 624-660, 1995.

Obstfeld, Maurice; Rogoff, Kenneth. Foundations of international economics. Cambridge: MA: MIT Press, 1996.

Rogoff, Kenneth. The purchasing power parity puzzle. Journal of Economic Literature, 34, p. 647-668, 1996.

Salter, Walter E. Internal and external balance: the role of price and expenditure effects. Economic Record, 35, p.226-238 1959.

Samuelson, Paul A. Theoretical notes on trade problems. Review of Economics and Statistics, 46, p. 145-154, 1964.

Swan , Trevor W. Economic control in a dependent economy. Economic Record, 36, p. 51-66, 1960.

Taylor, Mark P.; Peel, David A.; Sarno, Lucio. Nonlinear mean-reversion in real exchange rates: toward a solution to the purchasing power parity puzzles. International Economic Review, 42, p. 1015-1042, 2001.

Williamson, John. Estimating equilibrium exchange rates. Washington, D.C.: Institute for International Economics, 1974.

Downloads

Publicado

30-09-2009

Edição

Seção

Não definida