Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/world-scientific-publishing-company/a-jackknife-model-averaging-analysis-of-rmb-misalignment-estimates-XtF8ERsqJu
References
References for this paper are not available at this time. We will be adding them shortly, thank you for your patience.
- Publisher
- World Scientific Publishing Company
- ISSN
- 1793-9933
- eISSN
- 1793-9941
- DOI
- 10.1142/S1793993320500076
- Publisher site
- See Article on Publisher Site
Abstract
We adopt the Jackknife Model Averaging (JMA) technique to conduct a meta-regression analysis of 925 renminbi (RMB) misalignment estimates generated by 69 studies. The JMA method accounts for model selection and sampling uncertainties, and allows for non-nested model specifications and heteroskedasticity in assessing effects of study characteristics. The RMB misalignment estimates are found to be systematically affected by the choices of data, the theoretical setup and the empirical strategy, in addition to publication attributes of these studies. These study characteristic effects are quite robust to the choice of benchmark study characteristics, to alternative model averaging methods including the heteroskedasticity-robust Mallows approach, the information criterion approach, and the Bayesian model averaging. In evaluating the probabilistic property of RMB misalignment estimates implied by hypothetical composites of study characteristics, we find the evidence of a misaligned RMB, in general, is weak.
Journal
Journal of International Commerce, Economics and Policy – World Scientific Publishing Company
Published: Jun 1, 2020