中美与中日汇率传递效应比较研究

美国和日本是我国最重要的两个贸易国。文章采用2001年1月至2012年12月的月度数据，运用误差修正模型进行实证研究，结果发现，中美与中日双边名义汇率变动对我国国内消费者价格指数的传递都是不完全的，传递效应相对较小，且前者的效应小于后者。这意味着我国物价抵御汇率冲击的能力较强，为了更好地控制通货膨胀，政府应调整汇率政策、货币政策和财政政策使之合理搭配，并适当调整进口结构。

A Comparative Study of Exchange Rate Pass-through Effect Between Sino-US and Sino-Japan

Both the United States and Japan are the most important trading countries. By using the monthly data from January 2001 to December 2012 and error correction model for empirical research, it is found that the pass-through of Sino-US and SincrJapanese bilateral nominal exchange rate to domestic consumer price index are not complete, transfer effect is relatively small, and the effect of the former is smaller than the latter. This means that the capability of China~s price to resist the impact of exchange rate is strong, and in order to control inflation better, the government should pay attention to the reasonable collocation of exchange rate policy, monetary policy and fiscal policy, and adjust the structure of imoorts.