【作者】 郑建明；

【Author】 Zheng Jianming

【机构】 对外经济贸易大学国际工商管理学院；

【摘要】 本文说明了新型开放经济宏观经济学(NOEM)产生以来汇率理论向微观领域的发展,对PTM理论、微观结构理论、有效市场理论和行为经济理论等新理论加以评述。对汇率变动与资产价格之间的关系进行了理论分析,并以日本为例加以具体分析。本文认为,为了防止"泡沫经济"的崩溃,货币政策的事前调控或"预调"是关键,而货币政策调控需综合考虑利率、汇率和各种资产价格。为此需要设计一个扩展的货币状况指数作为货币政策调控的依据。更多还原

【Abstract】 This paper explains the development of the exchange rate theory since the birth of the New Open Economy Macroeconomics,especially PTM theory,microstructure theory, efficient market theory and behavioral economic framework of exchange rate dynamics is demonstrated.The relationship between the exchange rate volatility and asset prices is analyzed,and the case of Japan since the appreciation of Japanese yen in 1985 is dealt with. To avoid the burst of bubble economy,it’s crucial to the monetary authority to take monetary measures in advance,and she must balance interest rate,exchange rate,and all kinds of asset prices.Henceforth,it’s necessary to design an extended monetary condition index for the purpose of monetary control.更多还原