27.5 Acknowledgments
The chapter draws on joint work conducted with Menzie Chinn and Eiji Fujii. Eiji kindly provided most of the figures.
1See Ahmed (2009), Aziz and Li (2008), Kwack et al. (2007), Mann and Plück (2007), Thorbecke and Smith (2009), and Marquez and Schindler (2007). Some earlier studies are reviewed in Cheung et al. (2010c).
2The term national price level is potentially confusing for those who are not familiar with the Penn effect regression using PPP-based data. In this context, the national price level is in fact a relative price with the US price level as the reference and, thus, is equivalent to the inverse of the real exchange rate.
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