Exchange-Rate Parities: Reply Get access Morris E. Garnsey Morris E. Garnsey University of Colorado Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 60, Issue 4, August 1946, Pages 624–630, https://doi.org/10.2307/1885155 Published: 01 August 1946

Experience after the first World War, 113. — I. Two helpful new concepts: general equilibrium, 115; price disparity, 116. — II. The Belgian devaluation of 1935: the problem posed, 117; the index of price disparity, 118; internal disequilibrium, 122; choice of the new rate, 123. — III. The price-disparity approach, 124. — Significance of cost-of-living index, 125. — Alternative measures of price disparity, 127. — A more sensitive index needed, 127. — Problems of comparability, 128. — Key-country indices, 129. — IV. Comparison with purchasing power parity, 131. — Definition of the equilibrium rate, 132. — Relation to state controls, 134. — Conclusion, 135.