基于购买力平价理论的人民币汇率的实证检验

购买力平价对人民币汇率虽然具有一定的解释作用,但有很大的局限性。汇率的变动不仅仅与物价水平相关,还与一国的生产力发展水平、利率、资本流动等其他经济变量以及该国施行的货币政策、财政政策和汇率政策有关。因此,必须对购买力平价计量检验模型进行修正,以期更好地解释人民币汇率的变化并指导其调整。

Demonstrative inspection of RMB exchange rate basing on purchasing power parity theory

Although theory of purchasing power parity can partly explain decision of the RMB exchange rate,there are still a lot of limitations.Changes in exchange rate is not only related to the country＇s price levels,but also be affected by the country＇s development of productive forces,interest rates,capital flows and other economic variables,as well as the implementation of monetary policy,fiscal policy and exchange rate policy.As a result,it should be amended of purchasing power parity measurement test model in order to better explain the changes in RMB exchange rate and adjusted its guidance.