| 摘要: |
| 摘要：随着人民币国际化稳慎推进，货币跨境使用对流通中货币和物价的影响可能会凸显。基于货币效用模型（MIU）视角构建动态随机一般均衡模型，使用2010－2023年的宏观数据进行参数校准，并采用数值模拟方法研究人民币国际化环境中的最优价格型货币政策规则。研究发现：人民币国际化进程中，面对内外部多重冲击，执行对汇率和人民币国际化做出响应的扩展泰勒规则，可以降低产出和通胀波动。对技术冲击和外国货币政策冲击的模拟结论与多重冲击情形一致，但人民币国际化冲击时标准泰勒规则更优。中央银行应根据经济形势变化适时适度对汇率和货币国际化做出响应，前瞻性优化人民币国际化进程中的货币政策框架，明确将扩展规则定位为应对外部冲击的“标准缓冲工具”之一，且不同冲击根源需要截然不同的政策。 |
| 关键词: 关键词：人民币国际化；货币效用函数；物价传递；泰勒规则 |
| DOI： |
| 分类号:F822.1 |
| 基金项目:基金项目：广东科技学院人文社科项目“广东省数字普惠金融发展对经济增长的空间效应研究(GKY-2022KYYBW-4)”；广东科技学院2025年度校级科研重点项目（人文社科类）“人民币国际化、汇率避险与最优价格型货币政策规则”（GKY-2025KYZDW-16）。 |
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| RMB Internationalization,Price Transmission and Optimal Interest Rate Policy——A DSGE Study Based on Different Perspectives of MIU |
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XU Yan-xia1，CHEN Lu1，LI Yan-ni2，YANG Wen-jing11,2
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1.(1.School of Finance and Economics,Guangdong University of Science and Technology;2.2.Chongqing Branch,People’s Bank of China)
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| Abstract: |
| Abstract：With the steady and prudent advancement of RMB internationalization,the impact of cross-border currency use on the money supply and price levels may become increasingly prominent.From the perspective of the Money-in-Utility (MIU) model,this study constructs a Dynamic Stochastic General Equilibrium (DSGE) model.It employs macro data from 2010 to 2023 for parameter calibration and uses numerical simulation methods to investigate the optimal price-based monetary policy rule within the context of RMB internationalization.The findings reveal that during the process of RMB internationalization,when faced with multiple internal and external shocks,implementing an extended Taylor rule that responds to both the exchange rate and the degree of RMB internationalization can reduce output and inflation volatility.Simulation results for technology shocks and foreign monetary policy shocks align with the scenario of multiple shocks.However,the standard Taylor rule proves superior when confronting shocks originating from RMB internationalization itself.The central bank should respond to the exchange rate and currency internationalization in a timely and appropriate manner based on economic conditions,proactively optimize the monetary policy framework during the process of RMB internationalization,explicitly position the extended rule as one of the “standard buffering tools” against external shocks,and apply distinctly different policy prescriptions depending on the root causes of economic disturbances. |
| Key words: Key words：RMB Internationalization；Money-in-Utility Function；Price Transmission；Taylor Rule |
