Agricultural commodities are typically produced over an extensive spatial area and are
costly to transport relative to their total value. These characteristics yield a complex set of …

Originally propounded by the sixteenth-century scholars of the University of Salamanca, the
concept of purchasing power parity (PPP) was revived in the interwar period in the context of …

We fit nonlinearly mean‐reverting models to real dollar exchange rates over the post‐
Bretton Woods period, consistent with a theoretical literature on transactions costs in …

We assess the progress made by the profession in understanding real exchange rate
behavior through a selective and critical, but nonetheless expository, review of the literature …

We propose that analysis of purchasing power parity (PPP) and the law of one price should
explicitly take into account the possibility of “commodity points”—thresholds delineating a …

Eolquilibrium models of real exchange rate determination in the presence of transactions
costs imply a nonlinear adjustment process toward purchasing power parity (PPP) …

Using data since 1820 for the US, the UK and France, we test for the presence of real effects
on the equilibrium real exchange rate (the Harrod‐Balassa‐Samuelson, HBS effect) in an …

In this paper we test empirically the validity of the law of one price using data for five major
bilateral US dollar exchange rates and nine goods sectors during the recent floating …

We use retail transaction prices for a multinational retailer to examine the extent and
permanence of violations of the law of one price. For identical products, we find typical …

A two country model of endogenous growth is employed to assess the importance of
intellectual property rights to trade, growth, and technology transfer. The paper provides …