Measuring Misalignment: Latest Estimates for the Chinese Yuan
Chinn, Menzie D.
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The authors re-orient the discussion of currency misalignment back toward theory and empirics. They set forth a typology of modeling approaches to assess misalignment to highlight the difficulties in theoretically defining the "real" exchange rate and in quantifying the extent of deviations from equilibrium in practice. They also recap recent estimates of yuan misalignment.