This study is concerned with the behaviour of exchange rate movements focusing specifically on purchasing power parity (PPP) and the non-stationarity of real exchange rates, for a number of East Asian currencies during their recent floating periods. As one of the most important building blocks in international economies, PPP forms a core component of several models of exchange rate determination, and it is the most intensively tested hypothesis in open-economy macroeconomics. Nevertheless, in contrast to the relative abundance of research on the currencies of industrialised countries, very few studies on East Asian currencies have been carried out, leaving an important gap in the literature. Using recent advances in time series analysis, the results reveal for the East Asian countries that there existed long-run comovement between the nominal exchange rate and domestic and foreign price levels, but that the strict PPP condition claimed by the theory did not hold. This implied that any deviation from the PPP equilibrium was permanent and that there was little tendency for the real exchange rate to be mean reverting. Further investigation suggested that the real exchange rate was cointegrated with fundamentals, with most of the variables entering the cointegration vector significantly, suggesting that the movements of real exchange rate were driven by these factors. Investigating the dynamic paths of the real exchange rate and the long-run relationship (cointegrating relationship) in response to exogenous shocks also revealed that the real exchange rates did not revert to their pre-shock equilibrium, but that the long-run relationship did. It took, normally three to five years, for the real exchange rate to reach and settle down to a new equilibrium and even if the effect of shocks on the long-run relationship was transitory, the speed of convergence to the equilibrium was slow. The results also showed that the effects of shocks vary from one country to another. This meant that there was no universal panacea to deal with fluctuations in real exchange rates, as they were influenced by a country's natural endowment, stage in industrialisation, as well as monetary and exchange policies.

Thesis (M.S.)--Virginia Polytechnic Institute and State University, 1991. / Vita. Abstract. Includes bibliographical references (leaves 137-141). Also available via the Internet.

Thesis (Ph. D.)--George Washington University, 2002. / Includes bibliographical references (leaves 229-235).

Thesis (Ph. D.)--Ohio State University, 2006. / Title from first page of PDF file. Includes bibliographical references (p. 95-102).

Thesis (M.S. Eco.)--Baylor University, 2008. / Includes bibliographical references (p. 68-70)

Thesis (Ph. D. in Economics)--Vanderbilt University, Aug. 2005. / Title from title screen. Includes bibliographical references.

This thesis analyzes the effect of corporate tax rates on the purchasing-power-parity (PPP) doctrine. The data used to test this hypothesis are drawn from the U. S., the U. K., the Federal Republic of Germany, Canada, and Japan. The first chapter introduces the reader to the concepts of the PPP doctrine and states the hypothesis. Chapter 2 reviews the literature on the PPP doctrine. Chapter 3 specifies a model of the PPP doctrine including tax rates. Chapter 4 reports and interprets the findings. The study is summarized and conclusions are drawn in chapter 5. In this study it is shown that tax rates are significant only in the case of the U. S. dollar/Canadian dollar exchange rate.

The purpose of the study is to empirically determine the relevance of PPP theory under the traditional arbitrage and the efficient markets (EPPP) frameworks during the recent floating period of the 1980s. Monthly data was collected for fifteen industrial nations from January 1980 to December 1986. The models tested included the short-run PPP, the long-run PPP, the EPPP, the EPPP with deviations from expectations, the forward rates as unbiased estimators of future spot rates, the EPPP and the forward rates, and the EPPP with forward rates and lagged values. A generalized regression method called Seemingly Unrelated Regression (SUR) was employed to test the models. The results support the efficient markets approach to PPP but fail to support the traditional PPP in both the short term and the long term. Moreover, the forward rates are poor and biased predictors of the future spot rates. The random walk hypothesis is generally supported.

The Problem.- Retail trade is larger in some cities of smaller population than in others of a greater population. Wealth, which indicates purchasing power, seems to play some part in directing the pattern of retail trade in different cities. An investigator wishing to find whether the retail market is over- or under-developed in a city or group of cities may find that, although the population is slightly smaller than in a similar city, indications of wealth are sources of a potential purchasing power greater than that of a city with a larger population. He must consult authorities who have studied similar problems scientifically or work out some method of determining which city to select as a potential market for development. He will find some statements by marketing experts concerning the part played by population and wealth, but in general he will find that available works contain vague, conflicting, or indefinite statements concerning the tendency of retail trade to follow population or wealth without many scientific attempts being made to evaluate these factors and prove these statements. The present study, working on the hypothesis that of the two, population and wealth (purchasing power), one exerts a greater influence on retail trade than the other. To test this hypothesis, this investigation makes use of correlation techniques. Specifically, since the value of a study of this nature would be lessened by attempting to generalize about all parts of the United States, we shall select southeastern cities which are similar to those in Georgia. Next, we shall select a trade which is not affected to a great extent by purchasers from outside the limits of the city. Finally, we shall classify all factors under the headings of trade, population, and purchasing power. Importance of the Problem.- If the analysis shows that either population or wealth is relatively more important than the other, it should be possible to make some generalizations about trade in urban Georgia and in similar southeastern cities. This study may add to the slowly accumulating knowledge of markets which is assuming more and more the aspects of an accurate science. The business census of 1930 first gave the United States and its research workers something more definite than the guesses and estimates with which they were forced to work in former years. Method of Procedure and Data.- The factors relating to population and weal.th are selected by logical methods. We shall make use of factors which have been found to be associated with trade by other investigators, and shall employ the data which are available for 1929. The year 1929 is selected because it is the only year for which accurate data are available on population, retail trade, and income factors. The censuses of business taken in 1933 and 1935 are forced to estimate population, since an accurate count of population is taken only every ten years. The cities, representative of Georgia urban areas, are selected by arranging all states in the Southeast, as defined by Odum a.nd Moore, 1 according to rank in income per capita in non-farm centers. The states selected are Tennessee, Mississippi, Georgia, Florida, and Virginia. The cities are above 30,000 in population. The information on cities with smaller population is too meager to allow the factors to be classified and studied. To measure wealth, we construct an index of purchasing power composed of the most potent factors relating to income properly weighted. This index will be correlated with the population data, estimates of relative importance arrived at, analyzed, classified, and used as the basis for the conclusions of this study. All available models of such a study are analyzed, and their conclusions are compared with conclusions reached in this study. There are limitations to such a study. Many complex factors are hard to measure, such as location, transportation facilities, and competition, which are not taken into account. This is partly overcome by selecting cities which are in the Southeast and which are similar to cities in Georgia in respect of per capita personal income. Selecting a trade not affected by external trade to a great extent should overcome the difficulty caused by rural trade flowing into cities for shopping goods. The data consist of statistics gathered by governmental and business agencies1 for the period of 1929. Summary of Work by Other Investigators.- There is a. relative scarcity of work on problems of this type for at least two reasons: (1) the methods of multiple correlation are relatively new, and only recently scatter diagrams and other graphic devices have been used to reduce the tremendous amount of mathematical work involved; (2) data on business end economic features of the United States have only become available since the first census of retail distribution was taken in 1929 by the United States Bureau of the Census in that year and in 1933 and 1935. For this reason it is difficult to secure data which could be used to construct an index of purchasing power. A number of studies have been made of the effect of out-of-town trade on urban trade and location of stores within cities, but few of these studies have made use of multiple correlation or purchasing power indexes. The following summary illustrates the difficulties encountered in trying to find a general agreement among authorities on the relative influence of wealth and population. Converse and Mitchell feel that larger towns attract more trade than smaller towns. Dr. Margaret G. Reid states that retail activity and centers increase with the population of the community. The U.S. Bureau of the Census stresses the influence of population on wholesale trade and finds a correlation of .84 with population by the rank data method. J. M. Cassels finds that retail trade is concentrated where population is most dense and where consumers have less opportunity to be self-supporting. Inez K. Rolph concludes that population is the more important factor influencing intra-city trade. 5 This group of authorities stresses population. The following group emphasizes wealth or purchasing power. Lawrence B. Mann finds income and banking resources are more important than population. Dr. Ennna Winslow emphasizes the importance of purchasing power in the study of consumer markets and recommends the construction of a statistical index of purchasing power. Riggleman and Frisbee recognize population's importance but lean heavily toward purchasing power as the vital factor in a market. Eaton Van Wert Read stresses purchasing power and likens shopping dollars to magnetized particles drawn more by shopping goods and less by convenience goods. He employs simple, partial, and multiple correlation. John A. Pfanner, Jr. minimizes population and uses multiple and simple correlation as well as scatter diagrams to test twenty four variables connected with wealth.

Master of Agribusiness / Department of Agricultural Economics / Aleksan Shanoyan / Competition in the retail animal feed business can be challenging. Millennials are emerging as an increasingly important consumer group. Companies want to attract Millennials as new customers while at the same time retaining current customers of Baby Boomers and Gen X generations. Consequently, an important question is how do Millennial retail shopping habits for animal feed differ from that of other generations. To help answer this question the thesis research utilizes customer survey data obtained, from the Kent Nutrition Group. The data was collected through an online survey which was conducted with customers from Company W’s customer list. The total sample consists of 1068 customers. The data is analyzed using exploratory data analysis to gain insights on key differences and important attributes related to marketing and selling to customers from different generation groups. The results indicate that word of mouth serves as the largest initial source of awareness for all customers. Not surprisingly, the results show higher tendency to shop online and a preference for social media as a source of information by Millennials compared to Baby Boomers and Gen X customers. Knowledgeable staff and a positive in-store shopping experience continue to be a high priority for all customers. In general, e-mail or a mailed newsletter were identified as important communication methods by respondents of all generations. The results also show high preference by customers of all generations for receiving sales circulars and tips for animal and pet care. Sales circulars, direct mailers and newspaper ads are the core communication channels that customers view advertising from Company W. Three quarters of Company W’s customers expressed some level of interest in shopping online through Company W if the option were available. This implies that offering online shopping options will not only enhance the current customers’ experience but also attract new customers. The gained insights will be used by Company W to adapt and enhance their marketing and sales strategies to a) effectively engage and attract more Millennial customers and b) improve retention and service for customers of Baby Boomers and Gen X generations. The researcher will use the insights gained from this study to improve marketing efforts for the Kent Nutrition Group.