汇率传递效应研究的新趋势

New Trends in the Research of Exchange Rate Pass-through

本文系统梳理了现有汇率传递效应的相关文献,从早期的一价定律、一价定律的偏离、依市定价等相关理论研究到近期的汇率传递效应不完全性、非对称性、异质性等实证研究。分析发现为了达到增强企业竞争力、有针对性地控制地区物价水平、预防经济危机再次发生的目的,汇率传递效应的相关研究需要进一步深入细化,未来的研究发展方向为汇率传递效应的企业异质性、区域异质性以及经济周期中的非对称性。

This paper systematically combs the relevant exchange rate pass-through literatures, from early research of the Law of One Price（LOP）, the deviation of LOP and the pricing to market （PTM） to recent empirical researches of incompleteness,asymmetry and heterogeneity of exchange rate pass-through. It is pointed out that in order to increase the international competitiveness of enterprises, control the price level of each region and prevent the recurrence of economic crisis, the researches on exchange rate pass through need to be further refined. Future researches may focus on enterprise heterogeneity, regional heterogeneity and asymmetry in the economic cycle.