实际汇率

人民币实际汇率波动的源泉&基于长期约束结构VAR的实证研究

The Sources of RMB Real Exchange Rate Fluctuations : An Empirical Study Based on Structural VAR under Long-term Restrictions

2006年至2008年间，人民币实际汇率低估所贡献的净出口，相当于GDP的5.6%。

The undervalued Chinese real exchange rate generated a contribution of net exports of 5.6 per cent of GDP between 2006 and 2008 .

文章首先应用国际货币基金组织（IMF）推荐的实际汇率测算方法测算了1978年以来人民币的实际有效汇率，丰富了我国改革开放以来的实际有效汇率数据，有利于今后经济学术界的研究。

The paper calculates the Real Effective Exchange Rate ( REER ) of RMB from 1978 according to the method that IMF recommends .

日本央行（bankofjapan）下任行长肯定是一位鸽派人物，而且，日元相对于贸易伙伴国货币的实际汇率仍比次贷危机之前高出近10%。

The next bank of Japan governor is sure to be a dove , and in real terms against trading partners the yen is still almost 10 per cent stronger than before the subprime crisis .

最后，利用ARIMA模型对人民币实际汇率建立了两个简单模型，并利用模型对人民币实际汇率变动进行拟合和预测。

According to ARIMA theory , we finally have two models for RMB real exchange rate .

首先，如诺贝尔经济学奖得主保罗克鲁格曼（PAULKRUGMAN）指出，实际汇率可能不会跌到位。

First , as the Nobel laureate Paul Krugman notes , the real exchange rate may just not fall far enough .

据JP摩根（JPMorgan）估计，自1998年1月以来，人民币实际汇率已下降约7%。（见图表）

According to JPMorgan , it has depreciated by about 7 per cent since January 1998 ( see chart ) .

但在同期内，（据摩根大通（JPMORGAN）计算）贸易加权实际汇率仅上升13%。

Over the same period the trade-weighted real exchange rate ( calculated by JP Morgan ) appreciated by only 13 per cent .

伦敦资本经济公司（capitaleconomics）经济学家戴维里斯（davidrees）表示，尽管（巴西货币）汇率已经从近期的最高点下降20%，实际汇率依然被高估20%。

The real remained about 20 per cent overvalued in real terms in spite of a 20 per cent depreciation from its recent highs , said David Rees , economist at Capital Economics in London .

以摩根大通（JPMorgan）的标准衡量，目前贸易加权后的实际汇率比1980年至2007年间石油年份的平均水平低10%。

The trade-weighted real exchange rate , on the JPMorgan measure , is 10 per cent below the average of the oil years between 1980 and 2007 .

结合劳动生产率总的系数和三个中介变量FDI、相对劳动力成本、实际汇率的系数考察劳动生产率如何对贸易收支的传导。

Then it examines the transmission mechanism of labor productivity to trade balance , combining with the coefficient of labor productivity and the mediating variables FDI , and the coefficients of relative labor costs and real exchange rate .

人民币均衡实际汇率：基于Montiel理论模型的研究

On RMB Equilibrium Real Exchange Rate Based on Montiel Model

实证分析使用Johansen协整检验研究了人民币实际汇率变动对中美双边贸易额的影响。

Empirical analysis using the Johansen Cointegration Test of the RMB real exchange rate movements on the impact of China-USA bilateral trade volume .

研究得出：人民币实际汇率和实际利率之间存在非线性和非对称的协整关系，传统的Johansen线性协整检验方法无法准确的刻画二者之间的动态联系。

It concludes that there is nonlinear and asymmetric cointegration relationship between exchange rate and interest which can not be tested by Johansen method .

最后的Granger检验结果表明，在5%的显著性水平下，人民币实际汇率与国际油价均为企业价值指数的Granger原因，但是反向假设不成立。

Lastly , Granger Causality Tests shows that the international oil price and the exchange rate are both the Granger reason of enterprise value index under the5 % confidence level , while the reverse is not true .

自2002年初开始，美元一路急剧下跌：按JP摩根（JPMorgan）贸易加权实际汇率计算，2002年2月至今，美元已贬值23%（见图表）。

Since early 2002 the dollar has been on a steep downward path : on JPMorgan 's trade-weighted real exchange rate it has depreciated by 23 per cent since February 2002 ( see chart ) .

采用扩充迪基-富勒（ADF）方法以及恩格尔-葛兰杰（EG）方法进行单位根检验和EG协整检验，可判别我国实际汇率是否为平稳时间序列，从而推断人民币汇率是否符合购买力平价。

Taking ADF method and EC mothod to test unit root and test EG harmonization and adjustment can judge that if our country 's actual rate was the stable time alignment , and infer that if RMB rate fit purposing power parity .

第2节分析了实际汇率和贸易收支余额这两类数据的平稳性，通过ADF检验，我们发现这两类数据都是一阶单整I（1）的。

Section II analyzes data stationarity of the real exchange rate and trade balance , with the ADF test , we found that these two types of data are integrated of order one I ( 1 ) .

在此基础上，运用H-P滤波法估算出人民币均衡汇率水平，并对人民币实际汇率水平进行合理性评估。

On this basis , this article applies H-P Mean Filter to estimate the Equilibrium Rate of Exchange of RMB and make a rationality assess on the Real Exchange Rate of RMB .

文章以1994年1月到2005年3月的月度数据为样本，用ARDL框架下的协整方法，对中美贸易的收入弹性和实际汇率弹性进行了经验分析。

Using the monthly data from 1994.1 to 2005.3 , we employ a new cointegration technique , i. e. ARDL approach to perform an empirical analysis on income elasticities and real exchange rate elasticities of the export and import functions of Sino-US trade .

相对政府支出对人民币实际汇率的影响

Effect of Relative Government Expenditure on Real Exchange Rate of RMB

人民币实际汇率的决定及其调整趋势研究

Determination of RMB Real Exchange Rate and Its Trend of Evolvement

这意味着中国正在瞄准实际汇率。

This means China is targeting the real exchange rate .

人民币均衡实际汇率的估计与实际汇率错位的测算

Estimating RMB Equilibrium Real Exchange Rate and Measuring Real Exchange Rate Misalignment

人民币实际汇率与均衡汇率研究

A Study on Real Exchange Rate and Equilibrium Exchange Rate of RMB

人民币实际汇率与贸易条件的实证研究

An Empirical Analysis on RMB Real Exchange Rate and Terms of Trade

但实际汇率也必须改变。

But real exchange rates will also have to change .

这有力地表明，英镑实际汇率仍被过度高估。

That strongly suggests that the real exchange rate remains enormously overvalued .

自2008年10月以来，贸易加权实际汇率甚至还贬值了8%。

It has also depreciated by 8 per cent since October 2008 .

实际汇率变动的资源配置效应

The Resource Allocation Effect of the Real Exchange Rate Behavior