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The paper analyzes the collapse of purchasing power parities (PPP) during the 1970s, highlighting the weak correlation between exchange rates and inflation rates, leading to cumulative divergences from PPP. It explores hypotheses regarding the causes of these divergences, including U.S. dollar fluctuations and changes in inter-sectoral relative prices, ultimately concluding that exchange rates are more volatile and sensitive to expectations than national price levels. The author argues against interventioni

Author

rasimebilli

Language

EN