| 1. | With the trend of openness and integration of globlal economy , exchange rate is playing more and more important role in influencing the allocation of global resources . the sensitivity of the price of tradale goods to exchange rate fluctuation becomes the focus of international economics because it is a critical vector and transmitter when an economy is confronted of exogenous impact . traditional international economics theory assume that nominal exchange rate fluctuation has complete pass - through effect , namely it ’ s change will introduce proportional change of tradable goods , then it will influence such macroeconomic vector as term of trade , import and export , inflation , employment , productivity , income allocation , and so on . from a microeconomic angle , including pricing to market , innovative behavior , menu cost and sunk cost , the paper probe into the pricing model of international enterprices under floating exchange rate and testify the incomplete pass - through of exchange rate and it ’ s detailed reason , then discuss the inspiration it has on china . it ’ s believable this kind of research will play a big part in china ’ s exchange rate scheme and some macroeconomic problems such as exchange rate tranmitting channel and effects , exchange rate fluctuating behavior
传统的国际经济学理论认为,名义汇率的波动具有完全的传递性( completepass - through ) ,即它的变化会引起同比例的进出口贸易品相对价格以及贸易品和非贸易品相对价格的变化,然后通过需求变动的支出转移效应( expenditureswitching )来影响国内经济的诸多宏观变量,如贸易条件、进出口贸易额、通胀水平、就业量、劳动生产率以及收入分配等,本文从依市定价( pricingtomarket ) 、创新行为、菜单成本以及沉淀成本等四个不同的微观角度,通过对浮动汇率下国际垄断竞争性生产厂商的定价模型具体而透彻的探讨,论证了汇率的不完全传递性并深入分析了决定汇率传递弹性的重要影响因素,阐述了该理论对人民币汇率的启示,这样的研究会对我国今后的汇率政策以及汇率的传导机制、传导效应、波动行为等宏观经济问题起到重要的作用。 |
