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• 영문명: Does the Purchasing Power Parity Hypothesis Hold? -The Panel Data Case of Big Mac Hamburger Prices-
• 발행기관: 한국무역연구원
• 저자명: 조성일(Sung il Cho)
• 간행물 정보: 『무역연구』제10권 제5호, 841~856쪽, 전체 15쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.10.31

영문 초록

The appropriate aspect of McDonald s Big Mac Hamburger for international price comparison is that the Big Mac is identical goods across countries. This study presents an empirical analysis of nonstationary panel data constructed by Big Mac prices of 27 countries for 16 years. To illustrate whether the purchasing power parity hypothesis holds or not, recently developed powerful methods such as panel unit root test, panel cointegration test and panel estimation and inference techniques are employed. Main findings in dynamic OLS framework indicate followings. First, We cannot accept the strong-form purchasing power parity hypothesis directly, on account of the null of (1,-1) cointegrating vector between the nominal exchange rate and Big Mac price ratio being rejected. Second, Harrod-Balassa-Samuelson effect exists. A country s nominal exchange rate is systematically undervalued more with respect to less per capita GDP. Third, in case the Harrod-Balassa-Samuelson effect is included, we cannot reject null of (1,-1) cointegrating vector. In conclusion, the purchasing power parity hypothesis could conditionally hold in the panel data case of Big Mac Prices.

목차

Abstract

Ⅰ. 서론

Ⅱ. 논의의 배경과 기존의 연구

Ⅲ. 분석 모형의 설정 및 자료

Ⅳ. 불안정적 Panel 자료의 추정과 검정 및 해석

Ⅴ. 결론

참고문헌

키워드

Purchasing Power Parity Big Mac Nonstationaey Panel Dynamic OLS