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This paper applies the maximum likelihood panel cointegration method of Larsson and Lyhagen (2007) to test the strong PPP hypothesis using data for the G7 countries. This method is robust in several important dimensions relative to previous methods, including the well-known issue of cross-sectional dependence of error terms. The findings using this new method are contrasted to those from the Pedroni (1995) cointegration tests and fully modified OLS and dynamic OLS esimators of the cointegrating vectors. Our overall results are the same across all approaches: The strong PPP hypothesis is rejected in favour of weak PPP with heterogenenous cointegrating vectors.

Foreign Exchange --- Currency --- Foreign exchange --- Purchasing power parity --- Exchange rates --- Italy

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The paper attempts to answer some important questions around the inflationary process in Nepal, particularly the transmission of inflation from India. Because the Nepali currency is pegged to the Indian rupee and the two countries share an open border, price developments in Nepal would be expected to mirror to those in India. The results show that inflation in India and inflation in Nepal tend to converge in the long run. Our estimates indicate that the passthrough of inflation from India to Nepal takes about seven months. The paper draws some implications for the conduct of monetary policy in Nepal.

Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Currency --- Foreign exchange --- Consumer price indexes --- Purchasing power parity --- Wholesale price indexes --- Conventional peg --- Prices --- Price indexes --- Nepal

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Using the most recent purchasing power parity data for 44 sub-Saharan African countries, this paper examines the characteristics of long run growth in Africa between 1975 and 2005. The authors investigate the following issues: cross-country income structure, income convergence, the country level distribution of income, growth and income persistence, and formation of convergence clubs.

Average Growth Rate --- Economic Conditions and Volatility --- Economic Growth --- Economic Performance --- Economic Theory and Research --- Gross Domestic Product --- Growth Performance --- Growth Volatility --- Income --- Income Distribution --- Inequality --- Long-Run Growth --- Macroeconomics and Economic Growth --- Poverty Reduction --- Pro-Poor Growth --- Purchasing Power --- Purchasing Power Parity

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Using the most recent purchasing power parity data for 44 sub-Saharan African countries, this paper examines the characteristics of long run growth in Africa between 1975 and 2005. The authors investigate the following issues: cross-country income structure, income convergence, the country level distribution of income, growth and income persistence, and formation of convergence clubs.

Average Growth Rate --- Economic Conditions and Volatility --- Economic Growth --- Economic Performance --- Economic Theory and Research --- Gross Domestic Product --- Growth Performance --- Growth Volatility --- Income --- Income Distribution --- Inequality --- Long-Run Growth --- Macroeconomics and Economic Growth --- Poverty Reduction --- Pro-Poor Growth --- Purchasing Power --- Purchasing Power Parity

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"How much does it cost?" We think of this question as one that preoccupies the nation's shoppers, not its statesmen. But, as Pocketbook Politics dramatically shows, the twentieth-century American polity in fact developed in response to that very consumer concern. In this groundbreaking study, Meg Jacobs demonstrates how pocketbook politics provided the engine for American political conflict throughout the twentieth century. From Woodrow Wilson to Franklin Roosevelt to Richard Nixon, national politics turned on public anger over the high cost of living. Beginning with the explosion of prices at the turn of the century, every strike, demonstration, and boycott was, in effect, a protest against rising prices and inadequate income. On one side, a reform coalition of ordinary Americans, mass retailers, and national politicians fought for laws and policies that promoted militant unionism, government price controls, and a Keynesian program of full employment. On the other, small businessmen fiercely resisted this low-price, high-wage agenda that threatened to bankrupt them. This book recaptures this dramatic struggle, beginning with the immigrant Jewish, Irish, and Italian women who flocked to Edward Filene's famous Boston bargain basement that opened in 1909 and ending with the Great Inflation of the 1970's. Pocketbook Politics offers a new interpretation of state power by integrating popular politics and elite policymaking. Unlike most social historians who focus exclusively on consumers at the grass-roots, Jacobs breaks new methodological ground by insisting on the centrality of national politics and the state in the nearly century-long fight to fulfill the American Dream of abundance.

Income distribution --- Purchasing power --- Consumption (Economics) --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Demand (Economic theory) --- Current purchasing power --- Currency question --- Money --- Prices --- Cost and standard of living --- Income --- Money illusion --- Distribution of income --- Income inequality --- Inequality of income --- Distribution (Economic theory) --- Disposable income --- History --- United States --- Politics and government --- Economic conditions --- Consumption (Economics) -- United States -- History -- 20th century. --- Income distribution -- United States -- History -- 20th century. --- Purchasing power -- United States -- History -- 20th century. --- United States -- Economic conditions -- 20th century. --- United States -- Politics and government -- 20th century. --- Revenu --- Pouvoir d'achat --- Consommation (Economie politique) --- Répartition --- Histoire --- Etats-Unis --- Politique et gouvernement --- Conditions économiques