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The real exchange rate and the structural transformation (s) of China and the US created by R Dekle and M Ungor

By: Contributor(s): Material type: TextTextSeries: International economic journal ; Volume 27, number 2Abingdon: Taylor and Francis, 2013Content type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISSN:
  • 10168737
Subject(s): LOC classification:
  • HB1A1 INT
Online resources: Abstract: From 1989 to 2010, the RMB–dollar real exchange rate depreciated, despite China's rapid income growth relative to the US. We develop a macroeconomic-trade model of the very long-run equilibrium RMB-dollar real exchange rate. We show that this long-run depreciation of the RMB-dollar real exchange rate can be justified by our model, if we note that Chinese agriculture has relatively low productivity and that agriculture is tradeable. Relative to our equilibrium benchmark, the current real RMB-dollar rate is, if anything, over appreciated.
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Item type Current library Call number Vol info Copy number Status Notes Date due Barcode
Journal Article Journal Article Main Library - Special Collections HB1A1 INT (Browse shelf(Opens below)) Vol. 27, no. 2 (pages 303-319) SP18072 Not for loan For In house Use

From 1989 to 2010, the RMB–dollar real exchange rate depreciated, despite China's rapid income growth relative to the US. We develop a macroeconomic-trade model of the very long-run equilibrium RMB-dollar real exchange rate. We show that this long-run depreciation of the RMB-dollar real exchange rate can be justified by our model, if we note that Chinese agriculture has relatively low productivity and that agriculture is tradeable. Relative to our equilibrium benchmark, the current real RMB-dollar rate is, if anything, over appreciated.

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