摘要:汇率和物价是经济生活中备受关注的两个经济变量。随着我国经济日益与世界经济融合,汇率的变动影响着经济的健康运行,它影响着工商企业的跨国投资决策,也影响着金融机构的经营决策,汇率成为了反映宏观经济形势的一个重要经济指标。汇率杠杆正发挥着越来越重要的作用,它已成为各国中央银行调控货币需求、进而调节经济运行的主要手段。因此,正确运用汇率政策应有的调控功能,准确分析汇率水平对国民经济的影响,特别是对价格总水平的影响就更具有重大的理论意义和实践价值。
本文在现有文献基础上运用2001-2008年的月度数据就名义有效汇率与价格水平之间的相关性进行实证分析,得出人民币汇率变动对国内物价有不同的传递效应。最后,本文在实证结果的基础上,对我国汇率制度的改革提出相关政策建议。
关键词:人民币汇率;物价水平;路径
ABSTRACT:Exchange rate and prices is of concern in economic life of the two economic variables.As China’s growing economic integration with the world economy ,the exchange rate is closely related to exchange rate movements at the same time the health of the economy will have a significant impact on operation ,which affects the cross-border business investment decisions,also affect the operation of financial institutions in decision-making.Also the exchange rate impact on the economy growing.The world has been frequent use of macro-control lever to the exchange rate ,exchange rate policy has become a currency for central banks control. Therefore.the correct use of exchange rate policy should control function ,all accurate analysis of exchange rate impact on the national economy,especially for the price level is even more significant impact on the theoretical and practical value.
This paper based on the existing literature,and the use of the years 2001-2008 monthly data on nominal effective exchange rate ,and the price level of China's economic measures test.Through empirical testing ,the RMB exchange rate movements on domestic prices have different transmission effects. Finally.empirical results in this Paper based on the reform of China’s exchange rate system proposed by the relevant policy recommendations.
Key words: RMB exchange rate , Price level , Path