Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies
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Cheung, Yin-Wong
Chinn, Menzie D.
Fujii, Eiji
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Working paper
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Abstract
Using a framework built around the relationship between relative price and relative output levels, the authors find little evidence that the renminbi is undervalued. The misalignment they detected in previous work disappears in this data set.