通过建立中国特色的宏观开放模型,得出在利率、汇率双管制,且短期投机资本疯狂追逐升值与利差双盈利的情况下,利率与物价水平存在正相关关系,汇率与物价水平存在负相关关系,并通过向量自回归模型VAr、脉冲响应图进行实证研究;在IS-lM的框架下,进行利率与汇率政策的搭配协调研究。结果显示,降低利率、人民币升值能缓解物价上涨,并可以达到市场均衡,但物价对总供给冲击的敏感度将提高。This paper builds open macroeconomic China model with interest and exchange rate being controlled.When hot money is crazily inflowing for the profit of RMB appreciation and interest margin,price level has positive correlation with interest rate,and opposite correlation with exchange rate,quoted in nominal.Besides,this paper takes VAR empirical model and impluse-respond to estimate and test China′s current status.Moreover,this paper studies coordination of monetary policies,especially interest rate and exchange rate.The result shows that when down interest and appreciation are taken at the same time,inflation could be controlled,and market equilibrium could be reached,but the impulse of price to general supply has higher sensitivity.教育部新世纪优秀人才支持计划“全球金融危机下中国外汇储备管理研究”(项目编号:NCET-08-0476
