The core of equilibrium exchange rate model is to analyze the effect of basic economic factors on equilibrium exchange rate , and to estimate equilibrium exchange rate according to systemic relation between equilibrium exchange rate and basic economic factors 摘要均衡汇率模型的核心是分析基本经济因素变化对均衡汇率的影响,并利用它们之间存在著的系统联系来估计均衡汇率。
Based on introducing , analyzing and evaluating of many equilibrium exchange rate theories , we test and conclude that ppp theory does n ' t hold for yen ' s exchange rate and we ca n ' t take the exchange rate calculated based on ppp as equilibrium rate for japanese yen 本文在对各种均衡汇率理论进行介绍、分析和评价的基础上,对日元汇率是否符合传统的均衡汇率理论一购买力平价理论( ppp )进行了检验。
As continuous overvaluation will lead to currency crisis , if misalignment lasts too long time or the frequency is too high , it ' ll impact the economic growth of a country . equilibrium exchange rate now gets much more important in economics and economic policies 鉴于汇率的持续高估会导致货币危机,而且汇率失调的时间过长或汇率失调频繁出现也会在中长期影响一国的经济增长,均衡汇率在当今的经济学和经济政策中的影响越来越大。
Secondly , the paper establishes the conintegration equation of rmb ' s real effective exchange rate and estimates the equilibrium exchange rate using hodrick - prscott filter method . according to equilibrium exchange rate estimated , the paper analyzes the disequilibrium degree of rmb ' s exchange rate 其次,建立决定人民币实际有效汇率的协整方程,并用h ? p滤波方法测算出人民币均衡汇率,并以此为参照,评估人民币汇率历年来的失衡情况。
By means of the two methods , we set up two equilibrium real exchange rate models of yen respectively , and then , based on them we analyze misalignment of yen ' s real exchange rate . we find that before the year 1999 , the two models are almost the same , but after that difference appears 我们分别应用这两个模型建立了符合日本实际经济状况的日元均衡汇率模型并发现: 1999年以前,依据两模型计算的日元实际汇率失调情况是基本一致的,而在此之后则有所差异。