購買力平價理論為國際經濟學中的一個熱門議題，許多國際經濟理論建基其上，甚至相關經濟政策的制定也參考購買力平價理論。但是實證研究往往無法提供充分證據支持購買力平價理論，學者認為這可能是Harrod-Balassa-Samuelson效應所導致，此效應將造成實質匯率受生產力影響，因而具有非定態性質。故此，藉由實質匯率探討購買力平價理論的實證研究將因Harrod-Balassa-Samuelson效應而產生偏誤。許多學者認為實證研究應該對實質匯率中的生產力因子進行修正，本文跟隨文獻上數種修正生產力因子的慣用方式，並使用Panel單根檢定檢驗生產力因子是否得以修正。本文驗證修正生產力因子除可使實質匯率更顯著地拒絕單根、求得更短的誤差半衰期、提供更多有關購買力平價理論的證據之外，更進一步發現對某些國家而言，尤其是經濟發展成熟的已開發國家，Harrod-Balassa-Samuelson效應可能不是導致購買力平價之謎的主要原因。

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