摘要
本文简单回顾了购买力平价理论及其实证研究的发展,并用单位根检验和协整检验两种方法对人民币汇率进行了相对购买力平价检验,结果证明人民币与美元之间的相对购买力平价是成立的。在此基础上按照相对购买力平价均衡汇率模型计算了人民币均衡汇率,结论为用这种方法求解均衡汇率是根本不可取的。
This paper first briefly reviews the purchasing power parity theory (PPP), then tests the PPP of RMB/Dollar using unit root test and cointegration test. The results show that PPP of RMB/Dollar is tenable. After that this paper estimates the equilibrium exchange rate of RMB according to the PPP theory, and the outcomes indicate that PPP equilibrium theory could not be applied to estimate equilibrium exchange rate at all.
出处
《管理评论》
2004年第6期28-33,15,共7页
Management Review
