Estimated Macroeconomic Effects of a Chinese Yuan Appreciation
This paper uses a multicountry macroeconometric model to estimate the macroeconomic eﬀects of a Chinese yuan appreciation. The estimated eﬀects on U.S. output and employment are modest. Positive eﬀects on U.S. output from a decrease in imports from China are oﬀset by negative eﬀects on U.S. output from increased inflation and from a decrease in U.S. exports to China because of a Chinese contraction.
Fair, Ray C., "Estimated Macroeconomic Effects of a Chinese Yuan Appreciation" (2010). Cowles Foundation Discussion Papers. 2083.