A Study on Equilibrium Exchange Rate and Policy Decision for Exchange Rate Misalignment

Abstract

随着世界经济中心转向东亚、中国资本市场开放性增大,中国正面临对内通胀、对外经济失衡两难问题,尽管央行实行加息与升值的双重砝码,但对于解决内部失衡问题,目标效果愈加难以实现,学界认为这与三元悖论造成的汇率失衡有关。事实上加息与升值的政策搭配造成更多资本流入,物价就更难以稳定,现亟需汇率失衡下更加有效的利率政策与汇率政策的选择,为未来政策选择的改革方向提供理论依据和现实指导。本博士论文的研究特色是,首次将汇率失衡、利率政策和汇率政策融入一体研究,得出较优的政策选择方案。本博士论文的主要研究工作是: 第一,构建均衡汇率的两种估计模型,均支持人民币实际汇率呈现高估状况。一种估计模型是在内生性均衡汇率...With the center of global economy moving to East Asia and opening degree of China's capital market increasing, Chinese government is facing dilemma problems between internal disequilibrium and external imbalance. Although center bank has adopted both policies of rate hike and currency appreciation, internal disequilibrium is becoming difficult to control, especially for inflation. Many research sc...学位:经济学博士院系专业:经济学院金融系_国际金融学学号:1562009015342

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