摘要
名义汇率对中国国内消费物价和生产物价的传递效应表现为,名义有效汇率波动与消费者物价呈负相关,与生产者物价呈正相关,但汇率波动对国内价格水平波动影响力有限。消费者价格波动主要是由于货币供给冲击造成的,生产者价格波动则是由于国外价格冲击造成的。
As the pass-through effects of nominal exchange rate to the domestic consumption price and the production price shown, nominal exchange rate volatility is negatively correlated to consumer prices and positively correlated to production prices. However, RMB exchange rate pass-through effects are so limited that they are not the Granger causes of domestic prices volatility. The evidence also shows that volatility in consumer prices are mainly due to money supply, and volatility in production prices are mainly due to foreign prices shocks.
出处
《广东金融学院学报》
CSSCI
北大核心
2009年第4期75-86,共12页
Journal of Guangdong University of Finance
