汇率调整无效力问题的微观与宏观研究范式评析——关于20世纪80年代以来汇率理论研究的变迁原因与发展特征分析

Analysis of the Micro-and Macro-Approaches on the Inefficacy of Exchange Rate Adjustment:the Causes and Characters of Development of Exchange Rate Theory since 1980

由"购买力平价悖论"、"汇率不相关悖论"以及"汇率不完全转移"现象所代表的汇率调整无效力问题,是20世纪80年代以来国际经济学界最为关注的问题。经济学家应用静态局部均衡分析与动态一般均衡分析对这一问题的发生机制与实践影响进行了理论与经验的解释,这些研究重塑与发展了现代汇率理论。本文的目的在于评价这些汇率理论的变迁原因与发展特征,即在阐明传统汇率理论的现实挑战——西方经济在微观-产业层次与宏观-国际层次上遭遇的汇率调整无效力的典型事实的基础上,论述与评价经济学家运用静态局部均衡分析与动态一般均衡分析在解决汇率调整无效力问题的过程中取得的标志性的方法论贡献。

Since 1980s,economists have paid great attention to the problem of inefficacy of exchange rate adjustment showed by the PPP puzzle,the exchange rate disconnect puzzle and incomplete exchange rate pass-through phenomenon.They have studied the mechanism and consequence of inefficacy of exchange rate adjustment with the static partial equilibrium analysisand the dynamic general equilibrium analysis.These researches have reshaped and developed modern theory of exchange rate.This paper is aimed at describing the typical facts about inefficacy of exchange rate adjustment in western economy at the level of micro-indusry and macro-international ,and reviewing the three representative methodological contributions what economists have made in the process of resolving the problem of inefficacy of exchange rate adjustment.