The Research Of Incomplete Pass-through Effect Of Exchange Rate About Pricing Level

In October 1,2016,RMB officially joint into SDRs,which is the single that RMB plays more important role in international monetary system.When enjoying the benefits from this forward step,the risk such as uncomplete exchange pass-through effect should be aware.Combining theory analysis and empirical research,the uncomplete phenomenon is proved.Theoretically,in micro view,the research is from the maximization of producer's profit;in macro view,Taylor's rule is the breakpoint of the research;in characteristic view,it is innovative to import the characters of exchange rate in reason research of uncomplete exchange pass-through with the first moment and second moment.Empirically,the methods are used to improve the reliability and accuracy of the models,such as X-13 seasonal adjustment,ADF unit root test,Johansen cointegration test and impulse response.The result shows that the increasing of society consume is benefit to the efficiency of exchange pass-through and that the main mechanism between China and the U.S.is CPI.What's more,the efficiency of exchange pass-through is negative to the intervention of center bank and the inflation.In the view of characteristic,RMB has the typical character in its Volatility.