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This letter extends recent work by Bahmani-Oskooee (Bahmani-Oskooee, M., Do exchange rates follow a random walk process in Middle Eastern countries? Economics Letters 1998;58:339-344) on testing long-run purchasing power parity for Middle Eastern countries during the post-Bretton Woods period. Using multivariate nonlinear models, strong support is provided for highly nonlinear reversion of real exchange...
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