摘要
汇率变动对通货膨胀的影响一直是经济学家与政策制定者关注的焦点。人民币名义有效汇率对物价水平的降低作用远低于人民币升值预期上涨的程度,而人民币升值在一定程度上强化了升值预期。因此,中央银行不能忽视人民币升值所带来的汇率升值预期效应,要抑制通货膨胀,稳定汇率,关键是稳定人民币汇率的预期。
Economists and policy makers have been paying close attention to the impact of exchange rate on inflation.The decreasement by the RMB nominal effective exchange rate is far lower than the degree of exchange rate appreciation.In addition,the appreciation of RMB strengthened expected appreciation.Therefore,the central bank can not ignore the expected effect on appreciation of exchange rate which is caused by the appreciation of RMB.If we want to curb inflation and stabilize the exchange rate,the key is to stabilize the RMB exchange rate expectations.
出处
《经济与管理》
2009年第11期45-49,共5页
Economy and Management
