汇率传递:模型说明及文献综述

An Research Review about Exchange Rate Pass-through

汇率是开放经济环境下的核心工具变量,在维持一国内部平衡和外部平衡时起着重要的作用。对于汇率传递问题的关注开始于世界由固定汇率体系向浮动汇率体系转变的时期,目前它仍然是关于外部调整研究的重要内容。本文分析了汇率传递与一价定律、依市场定价之间的关系,使用一个汇率传递模型阐明了汇率变动对价格体系的传导机制。汇率变动对商品出口价格和进口价格传递应该是一个连续的过程。当获知汇率发生变动时,出口商在不完全竞争的市场结构下,出于经营目的会调整其对价格的加成,这反应到进口国的进口价格上已经是一种"不完全"的传递;而进口商品由于存在分销过程,在最终销售价格上包含了相当程度的国内不可贸易的服务成本,这部分成本由于不受汇率变动的影响,因此汇率变动对进口价格的传递会进一步被削弱。

Exchange rate is a kernel tool in open economy, it has important effects in maintaining the balance of internal and external economic development. The research on pass-through effects began from the exchange rate system changed from fixed system to float system. It is still an important component of the exchange rate＇s research. This paper analyzes the relationship between ex- change rate pass-through and the law of one price and pricing to market, and also narrate the influence of pass-through on the price system by a pass-through model. The pass-through on export price and import price are sequential process. When exchange rate changed, exporter would adjust their makeup under the incomplete market structure. For the pass-through of import price, there already exists incomplete pass-through. The final sale price includes untradeable domestic service cost, which was not influenced by exchange rate, so the pass-through effect been further weakened.