Pitfalls in measuring exchange rate misalignment: the Yuan and other currencies
"We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted fo...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Series: | Working paper series / National Bureau of Economic Research
14168 |
| Online Access: | Volltext |
| Summary: | "We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued, even though the point estimates usually indicate economically significant misalignment. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables. We then update the results using the latest vintage of the data to demonstrate how fragile the results are. We find that whatever misalignment we detected in our previous work disappears in this data set"--National Bureau of Economic Research web site |
| Physical Description: | 33 S. graph. Darst. 22 cm |
Staff View
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| author | Cheung, Yin-Wong ca. 20./21. Jh Chinn, Menzie David Fujii, Eiji |
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| index_date | 2024-07-02T22:41:33Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
| language | English |
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| physical | 33 S. graph. Darst. 22 cm |
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| spelling | Cheung, Yin-Wong ca. 20./21. Jh. Verfasser (DE-588)128835001 aut Pitfalls in measuring exchange rate misalignment the Yuan and other currencies Yin-wong Cheung ; Menzie D. Chinn ; Eiji Fuji Cambridge, Mass. National Bureau of Economic Research 2008 33 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14168 "We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued, even though the point estimates usually indicate economically significant misalignment. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables. We then update the results using the latest vintage of the data to demonstrate how fragile the results are. We find that whatever misalignment we detected in our previous work disappears in this data set"--National Bureau of Economic Research web site Chinn, Menzie David Verfasser (DE-588)124080545 aut Fujii, Eiji Verfasser (DE-588)12448297X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14168 (DE-604)BV002801238 14168 http://papers.nber.org/papers/w14168.pdf kostenfrei Volltext |
| spellingShingle | Cheung, Yin-Wong ca. 20./21. Jh Chinn, Menzie David Fujii, Eiji Pitfalls in measuring exchange rate misalignment the Yuan and other currencies |
| title | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies |
| title_auth | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies |
| title_exact_search | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies |
| title_exact_search_txtP | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies |
| title_full | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies Yin-wong Cheung ; Menzie D. Chinn ; Eiji Fuji |
| title_fullStr | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies Yin-wong Cheung ; Menzie D. Chinn ; Eiji Fuji |
| title_full_unstemmed | Pitfalls in measuring exchange rate misalignment the Yuan and other currencies Yin-wong Cheung ; Menzie D. Chinn ; Eiji Fuji |
| title_short | Pitfalls in measuring exchange rate misalignment |
| title_sort | pitfalls in measuring exchange rate misalignment the yuan and other currencies |
| title_sub | the Yuan and other currencies |
| url | http://papers.nber.org/papers/w14168.pdf |
| volume_link | (DE-604)BV002801238 |
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