中文摘要：

从汇率传递的视角分析了通胀环境对进口价格水平的汇率传递机制，并利用平滑转换回归（STR）模型实证分析了中国进口价格水平的汇率传递效应。研究结果表明：通胀较低时，进口价格水平的汇率传递效应较低，通胀较高时，进口价格的汇率传递效应较高；汇率传递随着通胀环境的变化而平滑转变，人民币汇率对进口价格的传递弹性的非线性结构转变的门限值（三期滑动平均值）为0．00197；当前通胀水平月度增幅普遍超过临界值并导致进口价格水平的汇率传递效应较高。因此反通胀要特别重视进口价格水平的汇率传递效应所导致的进口价格水平的提高所引发的输人型通胀。

英文摘要：

Based on the mathematical model of exchange rate pass-through, this paper first analyzes the effect of inflationary environment on exchange rate pass-through. It then applies the smooth transition regression model to give an empirical analysis and the results are as follows. Firstly, the exchange rate pass-through is lower if the inflationary environment is lower and the exchange rate pass-through is higher if the inflationary environment is higher. Secondly, the exchange rate pass- through varies smoothly with the changes of the inflationary environment and the elastic nonlinear threshold value of RMB exchange rate pass-through on imported prices is 0. 001 97 （the three-period moving average）. Finally, the current average of monthly inflation is generally beyond the critical value and the imported price level of the exchange rate pass-through is high. Therefore, the government should pay more attention to the increasing imported price level caused by the higher exchange rate pass-through.