全球金融经济危机以来，经济学界和政策界关于资本管制与汇率制度的讨论又变得激烈起来。考虑到“美元霸权”这一基本事实，他国的金融开放选择、汇率制度安排以及国内货币政策制定所面临的不确定性更为复杂。本研究课题将构建一个贴近国际经济金融现实的、美元本位下的多国一般均衡分析框架，在此框架下研究美元这一世界货币对于全球经济的短期货币非中性问题，分析美元本位下中国的金融开放（包括资本账户开放和汇率自由浮动）和货币政策（包括数量型的货币供给政策和价格型的利率政策），重点探讨在不同的制度安排下美国的货币政策冲击对中国宏观经济的影响、厘清传导机制并给出相应的福利分析和政策建议。中国特色宏观调控体系正处于重构时期，货币政策工具正逐渐由数量型向价格型转变，中国金融开放（包括资本账户开放以及人民币汇率自由化等方面）的改革也正在进行。因此，本研究课题具有重要的理论和现实意义。

After the global financial and economic crises, debates about capital controls and exchange rate regimes revive in the circles of economists and policy makers. Considering the fact of “dollar hegemony”, the situation about one country’s financial opening, exchange rate regime choice and monetary policy making would become more complicated. This research attempts to build a global general equilibrium framework, in which dollar standard in international trade and finance is incorporated so as to make it closer to the economic and financial reality of the global economy. Under this framework, the short term non-neutrality of the U.S. dollar as the world currency will be discussed, and China’s financial opening (including capital accounts opening and exchange rate liberalization) and monetary policies (including money supply policy and interest rate policy) in the context of dollar hegemony will be analyzed. We will focus on discussing the impacts of U.S. monetary policy shocks on China’s economy under different institutional arrangements, figuring out the transmission mechanism and providing welfare analyses and then policy suggestions. The macro policy system with Chinese characteristics is currently under reconstruction: monetary policy tools are changing gradually from quantitative type to price type, and the reform of China’s financial opening (including capital accounts opening and the exchange rate liberalization of RMB) is in progress. Therefore, this research project has significant theoretical values and policy implications as well.