| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22539 |
| 来源ID | Working Paper 22539 |
| Estimating Currency Misalignment Using the Penn Effect: It\u2019s Not as Simple As It Looks | |
| Yin-Wong Cheung; Menzie Chinn; Xin Nong | |
| 发表日期 | 2016-08-22 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We investigate the strength of the Penn effect in the most recent version of the Penn World Tables (PWTs). We find that the earlier findings of a Penn effect are confirmed, but that there is some evidence for nonlinearity. Developed and developing countries display different types of nonlinear behaviors. The nonlinear behaviors are likely attributable to differences across countries and do not change when additional control variables are added. We confirm earlier findings of large RMB misalignment in the mid-2000’s, but find that by 2011, the RMB seems near equilibrium. While the Penn effect is quite robust across datasets, estimated misalignment can noticeably change from a linear to a nonlinear specification, and from dataset to dataset. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22539 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580213 |
| 推荐引用方式 GB/T 7714 | Yin-Wong Cheung,Menzie Chinn,Xin Nong. Estimating Currency Misalignment Using the Penn Effect: It\u2019s Not as Simple As It Looks. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22539.pdf（608KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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