000			00984pab a2200169 454500
008			180718b1999 xxu||||| |||| 00| 0 eng d
100			_aBayoumi, Tamim
245			_aDeviations of exchange rates from purchasing power parity: a story featuring two monetary unions
260			_c1999
300			_ap.89-102
362			_aMar
520			_aWe examine the mean-reverting properties of real exchange rates, by comparing the unit root properties of a group of international real exchange rates with two groups of intranational real exchange rates. Strikingly, we find that while the international real rates taken as a group appear mean reverting, the intranational rates are not. This is consistent with the view that while nominal shocks may be mean reverting over the medium term, underlying real factors do generate long-term trends in real exchange rates. - Reproduced
650			_aExchange rates
700			_aMacdonald, Ronald
773			_aIMF Staff Papers
909			_a41933
999			_c41933 _d41933