YAO Bin
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Headquarters in Shanghai, People′s Bank of China, Shanghai 200433, China
From the perspective of welfare, by synthesizing the normative and empirical analysis, this paper applies the framework of “new open economy macroeconomics” to the qualitative and quantitative researches on the choice of RMB exchange rate regime in the short and medium run. It sets up the structural model, takes the economical data during 1985–2005 to perform both the positive and simulative analysis, and it is shown that: with the increases of international real demand and international price index, in order to improve the welfare of people, the RMB exchange rate regime should be more flexible.
choice of RMB exchange rate regime, new open economy macroeconomics, welfare analysis
YAO Bin. Research on the choice of RMB exchange rate regime ―Analysis based on the welfare. Front. Econ. China, 2008, 3(3): 356‒379 https://doi.org/10.1007/s11459-008-0017-5