Purchasing Power Parity and the Chinese Yuan
Results from unit root tests applied to the bilateral China - US real exchange rate do not support purchasing power parity between the two countries. However, tests of the real equivalent exchange rate for the Chinese yuan versus a traded-weighted basket of currencies support purchasing power parity. Due to severe non-normality, critical values for tests of the real equivalent exchange rate are obtained from the wild bootstrap.
Volume (Year): 31 (2011)
Issue (Month): 2 ()
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- Tamim Bayoumi & Jaewoo Lee & Sarma Jayanthi, 2006.
"New Rates from New Weights,"
IMF Staff Papers,
Palgrave Macmillan, vol. 53(2), pages 1-4.
- International Monetary Fund, 2005. "New Rates from New Weights," IMF Working Papers 05/99, International Monetary Fund.
- Bayoumi, Tamim & Jayanthi, Sarma & Lee, Jaewoo, 2006. "New Rates from New Weights," CEPR Discussion Papers 5860, C.E.P.R. Discussion Papers.
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