汇率不完全传递的原因分析——新开放宏观经济学的解释

The Reasons for Incomplete Exchange Rate Pass-Through——some Explanations of the New Open-Economy Macroeconomic

新开放宏观经济学深厚的微观基础使得它对汇率不完全传递的原因更富有解释力。影响汇率传递程度的原因,从企业定价的微观层面来看,主要有因市定价、产品的价格需求弹性、国内产品对进口品的替代程度等因素;从宏观视角来看,可能的原因有经济开放度、汇率波动性和通货膨胀环境等。国内生产成本和配送成本、资本市场的不完全和国内偏好都可以解释汇率传递沿着定价链条的下降。近二十年来的汇率传递下降也可以从通货膨胀环境、汇率波动性及各国进口产品构成结构的变化来解释。

Due to the well-structured micro-economy foundation,the New Open-Economy Macroeconomic can explain why exchange rate pass-through to internal prices incompletely better. Thus,the research for the factor of incomplete exchange rate pass-through has enriched. The micro part of the reasons for incomplete pass-through may include the routine of pricing-to-market,the demand elasticity for price,the substitution ratio of home-made goods for import goods; and the macro factors may include economy openness,exchange volatility and the inflation environment. The home process and allocation costs,the imperfect capital market and home bias can explain why the exchange rate pass-through declines along the pricing train. Inflation environment,exchange rate volatility and import structure can also explain why the exchange rate pass-through declined in the last two decades.