价格粘性机制下汇率变动对出口价格的传递门限效应研究

摘要

本文将价格粘性机制引入传统的汇率传递研究框架，运用面板门限模型研究了汇率变动对我国工业品出口价格的传递效应。实证结果表明，汇率变动对出口价格的传递在一般情况下是线性的，但是当外部经济环境恶化时，随着汇率波动幅度不同，汇率传递呈现出明显的门限效应。%By introducing the price stickiness mechanism into traditional exchange rate research framework , the paper used the panel threshold model to analyze the effect of exchange rate pass -through on China′s industrial exports price . Empirical research results showed that the pass -through effect was linear under normal circumstances , but when the ex-ternal economic environment deteriorated , exchange rate pass -through effect varied with the different exchange rate fluc-tuations, which showed a significant threshold effect .