人民币汇率双向浮动宏观因素影响机制研究——基于多重政策目标协调视角的实证分析

doi:10.16381/j.cnki.issn1003-207x.2020.0240

Abstract

Abstract: Since 2011, although the RMB exchange rate starts to implement managed bidirectional floating regime, the increase in the range and frequency of exchange rate fluctuations means that the bidirectional spillover effect of domestic and foreign monetary policies has been increased, which affects the domestic economy and the confidence in holding RMB. The effects of structural changes in exchange rate regimes comprehensively are analyzed via introducing policy dummy variables, in order to find out the transmission mechanism of macroeconomic factors on RMB exchange rate bidirectional fluctuations, which is significant to maintain financial stability.

Key words: RMB exchange rate fluctuation；monetary policy；spillover effects；structure break

CLC Number:

LIU Zi-xi, , GONG Jian. Influencing Mechanism of Macroeconomic Factors on RMB Exchange Rate Bidirectional Fluctuations: An Empirical Research from the Perspective of Multiple Policy Goals[J]. Chinese Journal of Management Science, 2022, 30(1): 32-41.

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Influencing Mechanism of Macroeconomic Factors on RMB Exchange Rate Bidirectional Fluctuations: An Empirical Research from the Perspective of Multiple Policy Goals

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