Real exchange rates and Purchasing Power Parity: mean-reversion in economic thought

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Real Exchange Rate Misalignments in the Euro Area (2020, unknown): “…deviations from both absolute and relative purchasing power parity (PPP; see, e.g., Imbs et al. 2002; Kilian and Zha 2002; Taylor and Taylor 2004; Taylor 2006), according to which prices across countries, via foreign trade and arbitrage, should be equalised or differ only by a constant term…”
Real Exchange Rates Over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect? (2008, unknown): “…movements in the nominal exchange rate among traders (Kilian and Taylor, 2003), or perhaps a greater likelihood of the occurrence and success of intervention by the authorities to correct a strongly misaligned exchange rate (Taylor, 1994, 2004, 2005; Sarno and Taylor, 2001; Reitz and Taylor, 2006).”
Empirical prediction intervals revisited (2014, background): “…at time t are computed as qt = et − pt + p∗t , where et is the log nominal exchange rate expressed as the domestic price of one unit of foreign currency (US $), and pt and p ∗ t are the logarithms of the consumer price index of the domestic and foreign (US) country, respectively (Taylor 2006).”