EXCHANGE RATE MISALIGNMENT ESTIMATES-SOURCES OF DIFFERENCES
研究两种国际比较项目调查数据得出的汇率失调估计差异，发现2005年估计受价格修订影响，且差异与参与状态和数据质量系统相关，质疑其经济政策相关性。
We study the differences in currency misalignment estimates obtained from datasets derived from two different International Comparison Programme (ICP) surveys. A decomposition exercise reveals that year 2005 misalignment estimates are substantially affected by the ICP price revision. Furthermore, we find that differences in misalignment estimates are systematically affected by a country's participation status in the ICP survey and its data quality—a finding that casts doubt on the economic and policy relevance of these misalignment estimates. The findings are robust to the use of alternative datasets and specifications. The patterns of changes in estimated degrees of misalignment across individual countries, as exemplified by the Brazil, Russia, India and China economies, are highly variable. Copyright © 2013 John Wiley & Sons, Ltd.