Interaction Research Of The Nominal Exchange Rate, Real Exchange Rate Fluctuations In Macroeconomic Operation

Under the condition of the open, exchange rate is a key variable to influence internal and external equilibrium of national economy. Along with our country economy internationalization degree unceasing enhancement, the role of the exchange rate also gradually comes out. With the acceleration of economic globalization development, as well as China’s economic openness degree unceasing enhancement, as an important foreign economic variable, the importance of the RMB exchange rate effects on China’s macroeconomic growing. Objective measure, therefore, the RMB exchange rate on China’s macroeconomics, both inside and outside equilibrium relations of real influence not only on the right opinion of the past decade China’s exchange rate policy, more can I do for the future decision reference for the further reform of the RMB exchange rate system.As a financial asset prices, the nominal exchange rate is expressed in a currency of another currency prices. Changes in the nominal exchange rate not only affects a country’s economic growth, but also for a country’s balance of payments, price level, and has obvious effect on employment. Real exchange rate as an important economic variable under the condition of open economy has extensive influence to a country’s economic development and explanatory power. Overall, as the core economic variables in an open economy, exchange rate not only has direct relationship with capital projects and current projects, and also closely related with other macroeconomic variables. Exchange rate changes on import and export trade, international capital flow, money supply and domestic price level has great influence, so the relationship between the inside and outside a country’s macroeconomic equilibrium.Paper is mainly on China’s nominal exchange rate fluctuations impact on macro economic effect and the real exchange rate fluctuations on a comparative study of macro economic effect. Paper intends to use the remittance of transmission channels and relevant theories of exchange rate transmission mechanism, through the establishment of the state space model, from historical time study various macroeconomic variables affect the nominal exchange rate, real exchange rate, and compare the two relations. Based on SVAR model, this paper forecast the future, the nominal exchange rate and real exchange rate volatility on China’s macroeconomic impact of similarities and differences, and combining with China’s specific national conditions and expectations of rate, attempts to suggest the new policy from different angles, so as to help the choice of exchange rate can really adapted to our country’s economic growth.