摘要
本文利用VAR模型研究了我国国内价格的汇率传递性。VAR模型的脉冲反应函数显示,存在人民币汇率对国内价格的不完全传递性,但是,传递弹性极低,进口价格指数的汇率传递弹性要强于消费价格指数的汇率传递弹性,且进口价格指数向消费价格指数传导逐渐衰减。因此,通过汇率升值来抑制通胀效果并不理想,从紧的货币政策才是医治通胀的良药。
This paper research exchange rate pass-through of RMB by means of VAR model. The pulse response function of VAR model indicated that incomplete exchange rate pass-through of RMB is existed, but the elasticity of pass-through is very low. The exchange rate pass-through of import price is stronger than exchange rate pass-through of consumer price. Moreover, pass-through effect from import price to consumer price is gradual decay. Therefore, the attempt of curb inflation by appreciation of exchange rate is unrealistic, tight monetary policy is the panacea for the treatment of inflation.
出处
《上海经济研究》
CSSCI
北大核心
2010年第10期13-21,共9页
Shanghai Journal of Economics
关键词
人民币汇率
汇率传递性
消费价格指数
进口价格指数
RMB exchange rate, exchange rate pass-through, consumer price index, import price index
