关键词: 关键词：结构突变, 汇率传递, ARDL-ECM, 边限检验

Abstract: Abstract:In this paper, endogenous structural breaks test and ARDL-ECM approach with structural changes, while monetary policy variables into the model so as to exchange rate change, monetary policy and inflation linked to re-pass the problem on the exchange rate has been studied and found that the RMB nominal effective exchange rate takes structural changes, respectively in April 2003 and September 2005. In this context, this paper found that although the exchange rate pass-through effect is still incomplete, but its long-term elasticity was passed in September 2005 by the structure change increased rapidly prior to 0.065 to 0.118 after the structural breaks, and with the reality since 2006 beginning of high inflation environment is a match, supported Taylor (2000) put forward the view, compared with Shi Jianhuai, et al (2008) received pass-through effect is still weak, indicating that its recommendations can be an effective appreciation of the RMB curb inflation point of view is questionable. The monetary policy reflects the growth of money supply to pass on the CPI's long-term elasticity of 2.254, much higher than the exchange rate transmission elasticity, which can show the use of an independent monetary policy to stabilize inflation and compared through the appreciation of the RMB exchange rate policy to curb inflation have better results.

Key words: Key words:Structural Change, Exchange Rate Pass-Through, ARDL-ECM, Bounds Test