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'Aggregation Bias' DOES Explain the PPP Puzzle

Imbs J., Mumtaz H., Ravn M., Rey H.
Date Published: 26 Aug 2005

This article summarizes our views on the role of an 'aggregation bias' in explaining the PPP Puzzle, in response to the several papers recently written in reaction to our initial contribution: "PPP Strikes Back: Aggregation and the Real Exchange Rate", published in the Quarterly Journal of Economics, Vol. CXX, Issue 1, pp.1-43. February 2005.

Imbs, Jean, et al. " Aggregation Bias" DOES explain the PPP puzzle. No. w11607. National Bureau of Economic Research, 2005.
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