经济经纬
經濟經緯
경제경위
Economic Survey
2014年
6期
64~70
,共null页
进口中间品 财政政策 钉住一篮子货币 最优权重
進口中間品 財政政策 釘住一籃子貨幣 最優權重
진구중간품 재정정책 정주일람자화폐 최우권중
Imported Intermediate Goods ; Fiscal Policy ; Currency Basket Peg ; Optimal Weight
笔者构建了一般均衡模型，将进口中间品和财政政策纳入分析框架，在保持贸易余额不变的目标下，计算一篮子货币最优权重。研究发现，即使第三国实际汇率不变，本国实际汇率仍需对政府购买支出的变动和中间品价格变动作出反应，最优货币权重会受到进口中间品产出弹性的影响。基于中国的实证研究基本验证了该结论。
筆者構建瞭一般均衡模型，將進口中間品和財政政策納入分析框架，在保持貿易餘額不變的目標下，計算一籃子貨幣最優權重。研究髮現，即使第三國實際彙率不變，本國實際彙率仍需對政府購買支齣的變動和中間品價格變動作齣反應，最優貨幣權重會受到進口中間品產齣彈性的影響。基于中國的實證研究基本驗證瞭該結論。
필자구건료일반균형모형，장진구중간품화재정정책납입분석광가，재보지무역여액불변적목표하，계산일람자화폐최우권중。연구발현，즉사제삼국실제회솔불변，본국실제회솔잉수대정부구매지출적변동화중간품개격변동작출반응，최우화폐권중회수도진구중간품산출탄성적영향。기우중국적실증연구기본험증료해결론。
This paper constructs a general equilibrium model with imported intermediate goods and fiscal policy. The optimal weights are derived,aiming at stabilizing trade balance of an economy. We find that the home country＇ s exchange rate against the numeraire should respond to the changes in the price of intermediate goods and government purchase expenditure, even though real exchange rate of the third country is kept unchanged. The optimal weight is affected by the output elasticity of imported intermediate goods. Base on China＇ s experience, the empirical analysis result has confirmed the theoretical model conculsion.
