货币政策转型背景下汇率调整对宏观经济的影响——基于开放经济DSGE模型的研究

在货币政策转型背景下研究人民币汇率调整对宏观经济波动的影响,通过构建一个符合中国实际情况的开放经济DSGE模型,对比分析数量型和价格型的货币政策规则对烫平人民币汇率调整导致的宏观经济波动的效果。研究结果表明:当人民币汇率冲击导致经济波动时,数量型规则比价格型规则对烫平经济波动的作用更有效,且能够更好地减小社会福利损失。因此,在货币政策逐渐从数量型向价格型转变的过程中,仍然不能放弃数量型工具的使用,综合运用数量和价格两种调控手段对于转型中的中国而言是比较合适的选择。

The Impact of Exchange Rate Adjustment on Macroeconomic in the Context of Transition of Monetary Policy:A Study Based on the DSGE Model of Open Economy

This paper under the background of the transformation of monetary policy research effect of RMB exchange rate adjustment to macroeconomic fluctuations,by constructing a conforms to China's actual situation of open economy DSGE model,the comparison and analysis of the quantity and price based monetary policy rules of ironing the RMB exchange rate adj ustment of macroeconomic fluctuation effect. The results show that when the RMB exchange rate shocks lead to economic fluctuations,quantitative rules than the role of price rule for smoothing economic fluctuation is more effective,and better able to reduce the loss of social welfare.Therefore,the monetary policy gradually from quantity type to the price change,still can't give up the use of quantitative tools,the integrated use of quantity and price of two means of regulation for the transformation of China is more appropriate choice.