摘要
购买力平价理论是现代汇率决定理论的基石之一,本文在简要介绍了购买力平价理论的基本思想后,对人民币汇率和中美通货膨胀率的关系进行了直观的数据分析,在此基础上,运用协整技术对中美两国货币的购买力平价关系进行了计量检验,本文主要结论是:尽管购买力平价对人民币汇率变化的解释能力较弱,但是,购买力平价在决定人民币汇率中的基础性作用还是存在的。
Purchasing power parity (PPP) is one of fundmental stone of moden exchange rate determination theory. After introducing the basic idea of PPP and simply analyzing the exchange rate-inflation relationship between China and the United States, this paper puts emphasis on the positive analysis about PPP of RMB exchange rate with the techniques of measuring test.The main conclusion is that the basic role of PPP is existent in the determination of RMB exchange rate evenif it just gives a week explanation.
