The Study Of Internal-External Equilibrium Policy Coordination Based On The Exchange Rate Regime Of Basket Currencies

Along with the quickly economic growth, China has faced serious internal-external disequilibrium, so it's necessary to analyse the deep reason of disequilibrium to find corresponding policy solvable thought, then measure fiscal policy, monetary policy and exchange rate policy under RMB basket currency exchange rae system, finally conbine international cases and theory studies to provide an exercisable project, which is scientific reasonable and effective for the adjustment of macroeconomic control means to solve the internal-external disequilibrium under new exchange rate regime.The thesis considers the approach to solve internal-external disequilibrium should be focused on internal equilibriem by which to promot internal-external equilibrium. Its innovation lies in doing empirical analysis on the performance of RMB exchange rate policy using new model; adding exchange rate factor into revisory M-F model to get the policy coordination frame; building a lost function to get more detailed project. It provides an scientific and reasonable project which can solve the internal-external disequilibrium under basket currency exchange rate system: The first lever gets experiential solutions and inspires from international case that is neatly applying monetary tools and don't ignore the tolerance of economic entity & have overreaction; the second lever is the policy coordination frame: when external enviorment is steady, home currency appreciates&expansionary fiscal policy & tightening monetary policy , or home currency disappreciates & tightening fiscal policy & expansionary monetary policy ,is a choice of policy coordination; when economic overheating appears, it can choise home currency appreciates & double-tightening fiscal and monetary policy; when economic depression appears, it can choise home currency disappreciates & double- expansionary fiscal and monetary policy according to lost function, the third lever is the detailed project to slove internal-external disequilibrium, which is divided by interest rate and exchange rate.