Purchasing power parity in Mexico since 1933

Latin American Economic Review

Table 4 Estimation results for the coefficient on the dollar-denominated Mexican price level: ADL models with time period dummies

ADL	No IV^a	IV14	IV15	IV16	IV17	IV18	IV19	IV20	IV21	IV22	IV23	IV24
FMEX1	−0.0672	−0.1212	−0.1111	−0.0924	−0.0956	−0.0848	−0.0785	−0.0872	−0.0889	−0.0893	−0.0915	− *0.0830*
FMEX1	−6.298	−2.105	−2.310	−2.245	−2.647	−2.665	−2.724	−3.145	−3.304	−3.486	−3.615	−3.376
FMEX2	−0.0676	−0.1215	−0.1110	−0.0921	−0.0949	−0.0840	−0.0777	−0.0865	−0.0882	−0.0887	−0.0910	− *0.0825*
FMEX2	−6.321	−2.108	−2.304	−2.231	−2.624	−2.633	−2.689	−3.112	−3.270	−3.452	−3.583	−3.344
FMEX3	−0.0679	−0.1443	−0.1397	−0.1170	−0.1153	−0.0992	−0.0922	−0.1016	−0.1029	−0.1029	−0.1067	− *0.0977*
FMEX3	−5.838	−1.773	−2.105	−2.155	−2.521	−2.564	−2.681	−3.052	−3.217	−3.406	−3.562	−3.384

^aCritical values are affected by the presence of time period dummies hence are unknown. Significant values are −1.645 at the 5% level and −2.327 at the 1% level for the IV estimations