经济均衡视角的人民币利率与汇率联动关系

利率与汇率作为宏观经济调控的重要变量，理论上它们之间存在正反馈的联动关系。通过格兰杰因果关系检验与VEC模型发现，人民币利率与人民币汇率之间存在双向因果关系，但通过脉冲响应模型与方差分解分析发现，长期的联动效应要大于短期的联动效应，人民币利率对汇率的影响要大于人民币汇率对利率的影响。

Dynamic Linkage between Interest Rate and Exchange Rate of RMB from the Perspective of Economic Equilibrium

As the important macroeconomic variables,theoretically,there is a positive feedback linkage between the interest rate and exchange rate.The result of this paper shows that,through Granger causality text and the VEC model,the RMB interest rate and RMB exchange rate have the two-way causal relationship,but through the impulse response model and variance decomposition analysis,the long-term linkage is greater than the short-term linkage,impact of RMB interest rate on the RMB exchange rate is greater than the i...