Mechanism Of Macroeconomic Impact Under Expected And Unexpected Exchange Rate Shocks

In world trade imbalances economic context, China is facing an urgent need to reform the exchange rate regime, but also much-needed economic development of RMB exchange rate regime in the market, while China is facing strong Western capitalist countries appreciation pressure; hand since Jamaica system, with the globalization of the foreign exchange market, the exchange rate impact from the outside world more and more, and the exchange rate effect gradually penetrated into all areas of the domestic economy.In this paper, on the basis of domestic and foreign scholars study exchange rate fluctuations on the construction of the open economy DSGE model to study the formation mechanism of the exchange rate, and the exchange rate is expected to extend the impact of the unanticipated shocks, combined with China the actual situation on the model parameters were set. Ultimately expected to study the effects of the exchange rate is not expected to impact the impulse response of the analysis method and compared the extent of the reaction of different economic variables exchange rate regime and the opening of the conditions to deal with exchange rate shocks.Empirical research shows that:when the market price stickiness and market presence is not timely clearing, the expected impact of the exchange rate and the exchange rate is not expected to impact the economy will have an impact. Whether or free-floating exchange rate regime to a managed floating exchange rate system, or an open varying degrees, the expected impact of the exchange rate fluctuations in the economy will always produce a smaller, but both caused by fluctuations in the economy to be based on a specific period circumstances. In the foreign exchange market, a more open economic system, or a more liberal exchange rate regime, the external impact of the market will cause greater fluctuations in the national economy, and shows that China currently uses a managed floating exchange rate system is reasonable, is compliance with China’s current economic conditions. When a country’s approach be open and market-oriented exchange rate reform, irrational exchange transformed into greater influence over the opening to that reform, the first increase of international standards of the real economy more robust.