基于行为均衡汇率理论的人民币均衡汇率的测算

The Calculation of RMB Equilibrium Exchange Rate Based on Behavioral Equilibrium Exchange Rate Theory

本文以行为均衡汇率理论为基础,运用协整分析、H-P滤波等方法,对贸易条件、人民币利率、开放度、政府支出等基本经济要素与人民币实际有效汇率之间的关系进行实证研究,有针对性地提出政策建议。

Based on the theory of behavioral equilibrium exchange rate,the paper conducts an empirical research on the relationship between basic economic factors such as trade terms,RMB interest rate,openness degree,government expenditure and RMB real effective exchange rate using cointegration analysis and H-P filtering.And the paper pertinently puts forward policy suggestions.