汇改后我国汇率传递效应与通货膨胀关系-the relationship between chinas exchange rate transmission effect and inflation after the exchange rate reform.docx

价格的传递效应是递减的。所以要解决我国出现的人民币汇率升值与国内物价居高的问题，应该把重点放在汇率政策以外的相关宏观经济政策方面上，理论 与实际相结合来提出具体的对策。关键词： 汇率传递效应；通货膨胀；货币政策；人民币名义有效汇率AbstractDeepening of the world economic opening-up and cooperation, changes in a countrys exchange rate would not only impact their economies but also have profound implications for the economies of other countries. Therefore, all countries attach great importance to their exchange rate changes and exchange rate regime. July 21, 2005, the Peoples Bank of China announced that the RMB is no longer pegged to the U.S. dollar exchange rate system, introduced to swap a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies. At this point, the RMB exchange rate mechanism more flexible, change tends to be enhanced, and thus the impact on the domestic economy is more extensive and in-depth. In the meantime, it is worth noting that in the RMB exchange rate stable, high-frequency dynamic appreciation of the process, the traditional economic theory can not explain the strange phenomenon, for example, in the case of the RMB exchange rate escalating, Chinas inflation why the pressure is still great? RMB appreciation on Chinas inflation inhibited, and this inhibition is weakened in the conduct of monetary policy process? And so on.Based on the above issues and thinking, the pass-through effect of the exchange rate and objective introduction to the theory research, analysis and the use of empirical analysis on the impact of the RMB exchange rate on domestic inflation. Qualitative model unit root test, co-integration test and Granger causality test analysis. In a theoretical study, pay more attention to practicality, provides some basis for our part in the development of policy, reform the system.By use of the above methods, the paper analyzes the reason after Chinas exchange rate reform, the RMB nominal exchange rate movements as well as the appreciation of the RMB. Combined with the characteristics of Chinas in