Econ182_lecture7 - ® rut-chafing Pdwév ParH-j ’Nsolwk...

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Unformatted text preview: ® rut-chafing Pdwév ParH-j ' ’Nsolwk PW vs. Rekh’ve PF)” CID TA: Much; MoJe/ of. EXcLanJe Rah: C9 New me; + 5mm mes GD were“: Evidence ... PP/D (Q Wm «M FPP ‘ PPP “knob ‘Hn's leak. A He ovwl/ Cost 0‘? WM? . ' I N Cd -° LN"; : 2.0!; P. “" “'35:”? 0‘30 l, c 0‘ ' wax.» fflg éommm‘l” NH even i-F law no Ms M) PPP Myd‘ . flc‘ce oesn'i', ¢.g.’ If Jew-Aw 9": “Mom 0- amn): 05*. L 72 ¢m"t.‘ Ln" A. ' 7 = 1 "~ wax; "Ii/rim, Mon. h 0‘ A ‘Q How. Kg Lag lava/3 ("fl-M n. jenn/ 9W1} “ABM-e" W": E j. : 1.22;," x 23g» PrQUcms wH’\~ Ahead! .. l.) flask“: N) M" ‘2 fled-0'44) £0055 COMM“ 2‘) Ease periods m; mf' I: #4: Same across Loni-Hes. We an avoid “we Hal/cm: (9 «Sin» 4 Weahr version 0-? 1’)” («Neal "Re/Hive 122°", Jar} 15K: 7. Java: of Mmekva Mold 4 Ex. RARS @ From PHD E = 3%; ® an mono? MK+. avail.) P: mi.— LUJ‘) Combihhxg, _ *R“ [449$ Assume Kc, (BUNK-.9 gammm Specifiea Hon 3" l- L'— Ye'" R Ifienfi Woks 4- Ext—Xena: flak; I.)\,j;+L 34-“? Prices we. L»! K? i=7 (‘69?! inkfld‘ (bk if“; h, afrrecc‘dfm z~)\«){+L Hm‘Ue yn‘ces we 1mm, KT *2? (M310 inkverf‘ rah hall] *1 deprech'M T’le K0; +1» reconm‘lfng #ese 67%”an con-m. click/a predrq‘v'ms is M; Elem/7'0”, Ffskv E3» M» \l V nounle :‘PT'W "~ch can“. MM“ Th Lanzla.)1'ou Rhee“ E and I? 076p“: 0“ VJ)" K :3 (Ithaca). 011'» r"? ma u 2.)}? n’T flea E4‘ Aka, WI.“ $19:ng Pfi'eks Quin hurrah) glwn?” in M ab m+ a#€c+ fen I.) LOVI' a: M awn)“ 2:7 P é E ‘Jé'usafi- . Jib. I is.an ghfi? R 2.) thns rad-t 4 M 4M»; =2) 77“ a— )2 «(an DOMM‘dIhhly' Momma Guwa + 55. Ms m‘H, Hem/e ffl-‘e‘ Swen «W: 3m was 6, Hr bum“; Roma“. 1. Images»! Gnu“ M 6km», {hf-m Sw'hwlml Figure 3.1 Log nominal exchange rates (boxes) and CPI-based PPPs (solid lines). 1.2 1.0 0.8 0.6 0.4 0.2 0.0 75 77 79 8183 85 87 89 9193 95 97 —0.2 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 -0.1 -—0.2 73 75 77 79 81 83 85 87 89 91 93 95 97 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 —O.2 —0.4 73 75 77 79 8183 85 87.89 9193 95 97 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -—0.2 73 75 77 79 B1 83 85 87 89 91 93 95 97 (a) US—UK; (b) US—Germany; (c) US-Iapan,‘ (d) US—Switzerland. so 40 20 —1OO —120 . 1871 188 Figure 3.2 such as hous empirical an; PPP is cle. and 3.2 sugg econometric these issues 1 In spite of in the mOnet. the Redux m is that we d1 obvious alte1 and perhaps are false at s not by the re 3.: The Frenkel the balance Frouems WW1. ? I) Skew, PN'U-S ‘Ovdv’ an issue in H: “mum 2‘) TMnfirorngh Cask IF Trade 3mm“ :37 “NMJMJuI 6-.on a' 3‘) Di-FFWM+ gammy/"on Affirm; amss (Duh’vu‘eso :27 I’m... lads umphJ using awry“;- NEWLH,...
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