汇率不完全传递及与货币政策的交互影响

在宏观经济学模型中,一般以一价定律为基础,且贸易品价格被设为按生产者货币定价,即汇率对进口商品的价格是完全传递的.然而已有的研究表明,不同国家之间的同种商品的价格并不满足一价定律.汇率的不完全传递所导致的支出转换效应、短期价格粘性、货币冲击会对一国的消费和产出产生影响,从而影响到该国的最优货币政策选择.而货币政策反过来也会对汇率传递程度产生影响.

On the Incomplete Exchange Rate Pass-through and Its Interactive Impact on the Monetary Policy

In the macroeconomics model the price of trade goods is, generally on the basis of one price law, called the price of producers, i. e. , the exchange rate is a complete pass-through to the price of imported goods. It is demonstrated in the existed research that the price of the same goods between different countries is not satisfactory to the one price law. The incomplete exchange rate pass-through, caused by those factors of expenditure switching effect, short period price viscosity and monetary disturbance, is sure to make some influence on the consuming and producing of a certain country even if on the choice of its optimum monetary policy that in turn makes influence on the degree of exchange rate pass-through.