Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/65780 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2009/2
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
We argue that even in perfectly frictionless markets risk aversion driven by exchange rate uncertainty may cause a wedge between the domestic and foreign price of a totally homogeneous good. We test our hypothesis using a natural experiment based on a unique micro-data set from a market with minimum imperfections. The empirical findings validate our hypothesis, as accounting for exchange rate uncertainty we are able to explain a substantial proportion of deviations from the law of one price. Overall, our analysis suggests the possibility of a new solution to the purchasing power parity puzzles.
Schlagwörter: 
law of one price
purchasing power parity
risk aversion
exchange rate uncertainty
JEL: 
F31
F41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
424.93 kB





Publikationen in EconStor sind urheberrechtlich geschützt.