摘要
从长期来看,购买力平价对人民币汇率虽然具有一定的解释作用,但有很大的局限性。汇率的变动不仅仅与物价水平相关,还与一国的生产力发展水平、利率、资本流动等其他经济变量以及该国施行的货币政策、财政政策和汇率政策有关。因此,必须对购买力平价计量检验模型进行修正,以期更好地解释人民币汇率的变化并指导其调整。
Although the Purehasing Power Parity（PPP） Hypothesis can explain the exchange rate of RMB in a certain extent in the long run, there are great limitations. Changes in the exchange rate are not only related with the price level, but also a country＇s level of productivity development, interest rate, capital flows and other economic variables as well as its monetary policies, fiscal policies, and exchange rate policies. Therefore, we should modify the econometrical testing model of the purchasing power parity in order to better interpret the changes in the exchange rate of RMB and guide its adjustment.
出处
《湖北经济学院学报》
2008年第1期63-69,共7页
Journal of Hubei University of Economics
