关键词: 宏观经济, 货币国际化, 人民币国际化, 新开放经济宏观经济学

Abstract: Based on the model of new open economy macroeconomics (NOEM), this paper analyses the short-term and long-term impact of currency internationalization to domestic economy. We find that currency internationalization have the following effects: (1)The home currency will appreciate in both short term and long term, no exchange rate overshooting appears; (2) Domestic consumption is stimulated in short term but inhibited in long term; (3) The level of domestic output reduces in short term but increases in long term; (4) Terms of trade improves in short term but worsen in long term; (5) Welfare improves in both short term and long term. After that, a SVAR model is built on the NOEM model. By the data of U.S.Dollar, We analyze the impact of U.S. dollar internationalization to U.S economy. There is a high consistent between empirical analysis and theoretical analysis. By these conclusions, we point out some possible problem must be highly concerned in the RMB internationalization.

Key words: Macroeconomic, Currency Internationalization, RMB Internationalization, New Open Economy Macroeconomics