An Estimation of the Equilibrium RMB Exchange Rate
用增强的购买力平价方法估算人民币均衡汇率，引入结构变化对巴拉萨-萨缪尔森效应的影响，发现2005-2007年人民币低估幅度在16%-23%之间。
In the paper the authors estimate the equilibrium RMB exchange rate with the enhanced purchasing power parity approach but go beyond it by incorporating the effects of structural change into the estimation of the Balassa-Samuelson effect.Based on the theoretical and empirical findings of Wang and Yao(2008),we set out with our estimation based on the premise that structural change dampens Balassa-Samuelson effect.Using the share of rural population to measure structural change and a sample of 184 economies for the period 1974 to 2007,the authors find moderate rates of undervaluation of the RMB compared with other results in the literature. In particular,RMB was undervalued by 23%in 2005,20%in 2006,and 16%in 2007.Various robustness tests support our results.