人民币汇率与购买力平价假说

RMB exchange rate and purchasing power parity hypothesis

长期以来,购买力平价(以下简称PPP)被视为衡量货币间相对价值的最终标尺。对其实证检验的发展一直伴随着计量经济学的发展,采用的检验技术不断更新。从最开始的简单方程形式检验,到单位根检验与协整检验,直至现在的非线性检验。在本文的传统PPP模型检验中,结果显示,不论在单变量、双变量还是三变量模型的检验结果中,购买力平价都不适用于人民币兑美元汇率。

Purchasing power parity（hereinafter referred to as PPP） have been regarded as the ultimate ruler of relative value of currencies. The development of empirical test has been accompanied by the development of econometrics. Our organization traces out the evolution of the literature, from naive static tests of PPP, to unit-root approaches for testing whether real exchange rates are stationary, to cointegration techniques, to non-linear test techniques, the most recent phase of PPP testing. In the traditional PPP model testing, the results show that both in univariate, bivariate or three variable model, the results do not apply to the PPP.