The paper is written by prof.Ray C. Fair ,a economist from yale university.

Tn this paper, the author provide a different view about the effect of RMB Appreciation




title：Estimated Macroeconomic Effects of a Chinese Yuan Appreciation



abstract：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.