The Law of One Price: further empirical evidence concerning Italy and the United Kingdom

Abstract

The main purpose of this paper is to perform a disaggregated test on the empirical validity of the Law-of-one-price Hypothesis in the sector of manufacturing for two industrial countries, Italy and the United Kingdom, during the period 1973–80. The findings show that Italian export prices are much less related to British export prices than is usually suggested by contemporary balance-of-payments and exchange rate theoretical literature assuming the Law of One Price.

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