Question: Using quarterly data, create graphs testing purchasing-power parity (similar to Figure 8.4) for: (a) United States and Canada; (b) United States and Australia; (c) Australia

Using quarterly data, create graphs testing purchasing-power parity (similar to Figure 8.4) for:

(a) United States and Canada;

(b) United States and Australia;

(c) Australia and Canada.

In each case, comment on the success or failure of the purchasing-power parity hypothesis.

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