Ray Fair reports on China and yuan appreciation

Here is the abstract of a very sophisticated and detailed study:

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.

Here is the paper and thanks to E. Barandiaran for the pointer.