Is There "Native Features" in the Relationship between the Exchange Rate Pass-through and the Inflation?
研究发现中国汇率传递系数符号随通胀上升由负转正，呈现非线性平滑转换特征，且在高通胀与低通胀时期符号不对称，揭示了汇率变动对国内价格传递方向的不同机制。
Different foreign studies on the relation between the exchange rate pass-through and inflation( whose ERPT signs are all negative),this paper finds that the domestic relevant researches appear the phenomenon that there are either or in the ERPT symbols and even have both,which reveals that the Chinese exchange rate pass-through effect may have some unique native features,but the current researches did not give enough attentions and reasonable explanations about it.Based on the non-liner analysis,the paper shows that the relation between China's exchange rate pass-through coefficients and inflation still supports Taylor's representative conclusion,but ERPT symbols appear either or negative and have the features of smooth conversion from negative to positive along with the rise of inflation in the form of LSTAR.Moreover, the ERPT symbols are asymmetric because they are almost negative in the period of low inflation,but in the period of high inflation.This means that the exchange rate change has different response mechanisms to the pass-through direction of the home price in different inflation environments.To this point,the authors propose certain explanation and related policy suggestions the view of the specific macroeconomic situation behind high inflation.