汇率价格传递效应理论的发展

传统的汇率价格传递效应理论是建立在一价定律基础上的，认为汇率变动会对进出口价格产生完全的传递效应。但是，大量的实证研究表明，汇率变动引致的进出口价格相应的变动往往是不完全的。关于汇率变动对进出口价格的不完全传递效应，多数学者从微观经济学的视角展开研究，如不完全竞争、价格歧视、沉淀成本、厂商定价策略等；近年来也有一些学者试图从宏观经济学的视角进行解释，如一国通货膨胀环境、货币政策稳定性等。

A study on developments of exchange rate transmissibility theories

The traditional exchange rate pass-through theory is based on the Law of One Price, which assumes that the exchange rate changes result in sufficient pass-through effect to the prices of import and export. However, many empirical studies show that the pass-through effect is inadequate. Some researchers tried to explain the results from the microeconomic aspects, such as imperfect competition, price discrimination, sunk costs, and firms＇ pricing strategies. In recent years, researchers have begun to explain the results from the macroeconomic aspects, including the national inflation environment, stability of monetary policy etc.