浅析欧元汇率剧烈波动的原因

为探讨欧元汇率波动与购买力平价、利率平价的关系，建立了购买力平价及利率平价的误差修正模型，研究发现，欧元汇率的购买力平价及利率平价关系难以成立，而综合起来看，误差修正模型显著成立。结果表明：欧元汇率变动主要决定于欧元区与美国的相对物价水平差异，利差对汇率变动有一定影响，但不是很显著。

Analysis on the Causes of the Strenuous Fluctuation of the Exchange Rate of the Euro

This paper establishes an error correcting mode (ECM) of the purchasing power parity and the interest rate party for probing into the relations among the fluctuation of the Euro and the purchasing power parity and the interest rate party. The research finds that the relationship between the purchasing power parity and the interest rate party of the Euro is untenable, and generally speaking, the ECM is tenable obviously. And the results show that the fluctuation of the Euroy mainly depends on the relative differences of the price level between the Euro Area and the United States, the interest rate has a little influence on the variation of the exchange rate, but the influence is not obvious.