推进外汇管理体制简约化市场化改革研究

作为金融监管和服务体系的重要组成部分,外汇管理体制改革必须顺应我国经济金融体制改革和外向型经济发展的趋势。当前,随着世界经济一体化进程的推进和我国经济开放度的提高,外汇管理体制改革面临新的任务,迫切需要进行体制创新,以真正实现外汇管理的简约化和市场化。本文从实际出发,提出了推进外汇管理简约化市场化改革的总体思路,论述了近期的主要措施,并对未来的改革进行了展望。     

2011年1月国际金融市场运行综述

2011年1月,美元指数总体下跌,美元对欧元、英镑走弱,对日元走强;主要货币短期利率上升;主要国家中长期国债收益率上升;全球主要股指振荡上涨。     

2011年5月国际金融市场运行综述

2011年5月,美元指数触底反弹;美元短期利率小幅走低,欧元短期利率继续走高;主要国家中长期国债收益率走低;全球主要股指振荡下行。     

2011年7月国际金融市场运行综述

2011年7月,美元指数先升后降;主要货币短期利率小幅上升;主要国家中长期国债收益率走低;全球主要股指呈＂M＂型走势。     

2011年8月国际金融市场运行综述

2011年8月,美元指数弱势振荡;美元、英镑短期利率上升,欧元、日元短期利率下降;主要国家中长期国债收益率走低;全球主要股指呈＂W＂型走势。     

PRICE DISPERSION,INFLATION, AND WELFARE*

We examine the implications of inflation for both price dispersion and welfare in a monetary search economy. In our economy, if the degree of buyers' incomplete information about prices is fixed, both price dispersion and real prices are increasing in inflation. As the inflation rate approaches the Friedman rule, both price dispersion and welfare losses vanish. If households choose the number of prices to observe, then the optimal inflation rate may exceed the Friedman rule as inflation induces search and, up to a point, raises welfare by eroding market power.     

Do Not Equate Asset with Strength

69 Chinese corporations make the Fortune Global 500 list released on the Chinese website of the magazine,the first time China overtook Japan as the second largest country for Fortune 500 enterprises only after the United States with 133.61 of the 69 are from the mainland,15 more than last year,and 8 from Taiwan,1 more than last year. I have been tracking the number of     

MARKET POWER,PRICE ADJUSTMENT,AND INFLATION*

We study a monetary search economy in which endogenous fluctuations in market power driven by changes in consumers' search intensity determine the extent of price adjustment to movements in productivity and the money growth rate. A calibrated version of the economy exhibits countercyclical fluctuations in markups and is consistent with the observed incomplete response of nominal prices to cost movements associated with productivity fluctuations and to changes in the money growth rate. Furthermore, a higher average rate of inflation results in a lower average markup and increases the sensitivity of prices to fluctuations in either productivity or money growth.