经济主体行为最优化、政府支出的分解和中国的实际均衡汇率  

Both the Consumer and the Producer’s Optimal Behavior,Decomposition of Government Expenditure and Real Equilibrium Exchange Rate in China

作　　者：陆前进[1] 武磊 Lu Qian-jin;Wu Lei(School of Economics,Fudan University,Shanghai 200433)

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《贵州商学院学报》2020年第3期43-60,共18页Journal of Guizhou University Of Commerce

基　　金：国家自然科学基金项目“生育率、政府健康支出和实际汇率——微观基础的理论和实证研究”(71773023);国家自然科学基金项目“人民币实际有效汇率和参考一篮子货币最优权重的选取”(71173042);复旦大学理论经济学I类高峰项目“中国货币政策调控机制转型及理论研究”(12JHQ030)。

摘　　要：研究把政府支出分解为消费支出和投资支出。首先,在消费者效用最优化下构建多期跨时均衡模型和期内模型,考察政府消费支出对实际汇率的影响;其次,在生产者最优化下考察政府投资支出对实际汇率的影响。进一步,在消费者和生产者双重最优化下分析了实际汇率和政府消费支出、投资支出、全要素生产率和非贸易品消费等之间的决定关系。最后,对人民币实际汇率的失调研究表明人民币实际汇率的变动是围绕均衡实际汇率水平上下波动的,人民币实际汇率有较强自我稳定机制,消费者和生产者的双重最优化行为决定了人民币均衡实际汇率水平。This paper decomposes government expenditures into consumption expenditures and investment expenditures.First,it constructs a multi-period inter-temporal equilibrium model and a period model under the optimization of consumer utility to examine the impact of government consumption expenditure on the actual exchange rate.Secondly,it examines the impact of government investment expenditure on the real exchange rate under the optimization of producer.Furthermore,it analyzes the relationship between real exchange rate and government consumption expenditure,investment expenditure,total factor productivity and consumption of non-traded goods under the dual optimization of consumers and producers.Finally,the research on the misalignment of the real exchange rate of RMB shows that the real exchange rate of the currency fluctuates around the equilibrium of real exchange rate.The real exchange rate of the currency has a strong self-stabilization mechanism.The dual optimization behaviors of consumers and producers determine the actual equilibrium exchange rate level of RMB.

关 键 词：政府消费支出 政府投资支出 实际汇率 消费者行为 生产者行为 

分 类 号：F831.6[经济管理—金融学]