汇率变动与资产价格——兼论人民币升值压力下的宏观调控思路

文章对新型开放经济宏观经济学产生以来的四大新的汇率理论进行了评述,对汇率变动与资产价格之间的关系进行了理论分析,并以日本为例加以具体分析。为了防止“泡沫经济”的崩溃,货币政策的事前调控或“预调”是关键。当前迫切需要防止人民币升值压力货币化为通货膨胀和房地产泡沫。

Analysis on the Fluctuation of Exchange Rate and Asset Prices

This paper demonstrated the development of exchange rate theories since the birth of the New Open Economy Macroeconomics, and analyzed the relationship between exchange rate volatility and asset prices, and dealt with Japanese case since the appreciation of JPY in 1985. To avoid the burst of bubble economy, it's crucial for the monetary authority to take monetary measures in advance. It's emergent to prevent inflation and real estate bubble under the pressure of CNY appreciation.