• •

### 零利率下限、汇率传递与货币政策

• 出版日期:2018-12-25 发布日期:2018-12-28

### Zero Interest Lower Limit, Exchange Rate Pass-Through and Monetary Policy

Wang Sheng & Zhou Shangyao

• Online:2018-12-25 Published:2018-12-28

Abstract: This paper introduces zero lower bound and incomplete exchange rate pass-through into the analysis of monetary policy, and explores the different monetary policy rules and the optimal monetary policy based on open economy DSGE model. Research shows that the zero lower bound will lead to the “reverse adjustment” effect of the exchange rate, which will exacerbate the relative economic fluctuations of the two countries. While the foreign shock occurs, the welfare losses caused by the two distortions of the incomplete exchange rate pass-through in home country and the zero lower bound will be superimposed on each other, which is just the opposite of the domestic shocks. In addition, the policy of exchange rate control will further aggravate the international transmission of external crisis and increase the welfare loss. According to the research conclusions, we think that China monetary authorities should continue to deepen the reform of the RMB exchange rate system, to accelerate the pace of internationalization of RMB, and actively to promote international settlement of RMB pricing.