相对购买力平价、实际汇率与人民币汇率政策

The PPP and The Real Exchange Rate with China’s Exchange Rate Poliey

本文探讨了自 2 0世纪 80年代以来 ,在国际经济学文献、特别是在有关人民币汇率问题的近期文献中流行的汇率分析工具—实际汇率的含义。本文证明 ,由于实际汇率存在着由名义汇率造成的扭曲 ,因而不仅不是一个比相对购买力平价更有效的汇率分析工具 ,而且会导致决策风险。事实上 ,实际汇率的作用仅在于检验某一名义汇率是否相对购买力平价汇率。对汇率进行调整的依据只能是相对购买力平价。本文同时证明 。

Some problems with the real exchange rate which has be used as a tool of exchange rate analysis in the documents of international economics since 1980 and about the problem of RMB exchange rate especially have been discussed in this paper. And the paper proves that because the real exchange rate is twist in nature for nominal exchange rate, it will rise some risks when making exchange rate policy decisions by the real exchange rate.Finally,the paper pionts out that the real exchange rate is only a method to test whether a nominal exchange rate is the PPP and therefore the basis of adjustment of exchange rate will be the PPP.