Re-testing Prebisch-Singer hypothesis: new evidence using Fourier quantile unit root test

被引：22
|
作者：
Bahmani-Oskooee, Mohsen [1 ,2 ]
Chang, Tsangyao [3 ]
Elmi, Zahra [4 ]
Ranjbar, Omid [5 ,6 ]
机构：
[1] Univ Wisconsin Milwaukee, Ctr Res Int Econ, Milwaukee, WI 53201 USA
[2] Univ Wisconsin Milwaukee, Dept Econ, Milwaukee, WI 53201 USA
[3] Feng Chia Univ, Dept Finance, Taichung, Taiwan
[4] Univ Mazandaran, Fac Econ, Babol Sar, Iran
[5] Allameh Tabatabai Univ, Dept Econ, Tehran, Iran
[6] Trade Promot Org Iran, Tehran, Iran
来源：
APPLIED ECONOMICS | 2018年 / 50卷 / 04期
关键词：
Prebisch-Singer hypothesis; quantile unit root test; smooth breaks; Fourier function; PRIMARY COMMODITY PRICES; LONG-RUN TRENDS; TERMS; TRADE; COUNTRIES; ROBUST; NUMBER; PPP;
D O I：
10.1080/00036846.2017.1332751
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The Prebisch-Singer hypothesis in economics asserts that over time the relative price of primary goods relative to manufactured goods should experience a downward trend. To test the hypothesis, we must first establish the unit root properties of the relative price term and then regress the stationary series on a trend term. We use the quantile unit root test which allows for both smooth unknown numbers and the form of breaks in the trend function through a Fourier function to show that the relative price of 23 out of 24 primary goods is stationary. However, the Prebisch-Singer hypothesis is supported only in half of the primary commodities.
引用
收藏
页码：441 / 454
页数：14
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