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Those considering implementation of either a QPPP or the Quiet Pavement Research Plan must understand the differences between the two programs.
A QPPP also must commit to the monitoring of noise levels over time and take appropriate actions, such as construction of an overlay, if noise reduction benefits do not last into perpetuity.
Arizona, in cooperation with the Maricopa Association of Governments, was the first state to implement a QPPP. This three-year, $34 million program involves resurfacing 115 miles of freeways in the Phoenix area with rubberized asphalt.
For more information about Arizona's QPPP program, visit www.quietroads.com.
In this paper, we reevaluate the data of Diebold, Husted, and Rush (1991) to determine if QPPP is a more reasonable model than fractional integration to explain the behavior of real exchange rates.
To further investigate the soundness of QPPP as a more reasonable model than fractional integration, it is interesting to examine the speed of mean reversion as measured by the half-lives of PPP deviations.
From the structural changes found by the Bai-Perron procedure and the resulting increase in the speed of mean reversion, we conclude that for the 16 real exchange rates studied, QPPP provides a more reasonable explanation of the behavior patterns than does fractional integration.
Because of the presence of permanent shocks in each of the 16 real exchange rates, we conclude that QPPP, rather than LRPPP, is the relationship that holds for these data.
When half-lives are calculated under the QPPP model of shifting means, the speed of mean reversion increases dramatically.
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