资本流动、定价行为与汇率制度的福利分析

Capital Flow, Pricing Behavior and Welfare Analysis on Exchange Rate Regime

本文分析存在资本管制情况下的Devereux和Engel模型 ,从本国消费者期望消费的波动程度、期望消费水平大小和消费者效用三个层面对不同汇率制度下、不同资本管理制程度下和不同定价行为下消费者福利状况进行比较 ,给参数赋值 。

This paper explores Devereux and Engel model (1998) with capital controls. From examination on fluctuation and level of expected consumption and consumer's utility, consumer's welfare under different exchange rate regimes, degrees of capital controls and pricing behaviors are compared. Through calibration, this paper also does scenario analysis on capital controls.