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本文利用VAR模型研究了我国国内价格的汇率传递性。VAR模型的脉冲反应函数显示,存在人民币汇率对国内价格的不完全传递性,但是,传递弹性极低,进口价格指数的汇率传递弹性要强于消费价格指数的汇率传递弹性,且进口价格指数向消费价格指数传导逐渐衰减。因此,通过汇率升值来抑制通胀效果并不理想,从紧的货币政策才是医治通胀的良药。
This paper uses VAR model to study the exchange rate of China’s domestic exchange rate. The impulse response function of VAR model shows that there is incomplete transferability of RMB exchange rate to domestic prices. However, the transfer elasticity is very low, the exchange rate elasticity of import price index is stronger than the exchange rate elasticity of consumer price index, and the import price index to consumption Price index conduction gradually decayed. Therefore, it is not ideal to suppress the inflation effect through the exchange rate appreciation. Tight monetary policy is a good medicine to cure inflation.