人民币汇率变动对国内消费物价指数的传递效应研究

his paper investigates the effect of RMB exchange rate movements on the domestic consumer price index by mean of Vector Autoregressive Model、Cointegration test and Vector Error Correction Model. The result is that (1) Exchange rate of RMB against the domestic consumer price index is not entirely passed, and there is a certain delay. (2)Changes in effective exchange rate of RMB against the impact of the domestic consumer price index is significant, and the RMB exchange rate changes on consumer price index of the transmission effect of a short-term fluctuations to long-run equilibrium by the adjustment of the normal self-correcting mechanism.