日元升值对货币政策影响的实证分析

回顾日元升值背景及历程,利用计量经济模型对日元汇率上升导致日本货币供给量增加这一结论进行实证检验.随着人民币升值趋势的加强,中国应深刻认识到人民币升值的必然性,采取措施消化人民币升值所带来的扩张性货币政策的负面影响,旗帜鲜明地坚持政策目标,维护货币政策的独立性,并在区域货币合作中努力实现人民币的领导地位.

An Empirical Analysis on the Impact of Yen Appreciation on Monetary Policy

Reviewing the background and process for Yen appreciation, a practical test is made, by making use of the quantitative economic model, on the conclusion that a rise of Yen exchange rate results in increase of money supply in Japan. Along with the enhanced Renminbi appreciation trend, China should be deeply aware of the inevitability of Renminbi appreciation, taking actions to resolve the negative influence of the expansion monetary policy resul- ting from renminbi appreciation, deafly persisting in policy targets, maintaining the independence of monetary policy, and managing to realize the leading position of Renminbi in regional monetary cooperation.