中文摘要：

以开放的宏观经济为框架，以厂商利润最大化为微观经济基础，本文提出并构建了两国货币政策的粘性均衡汇率效应模型。应用此模型，本文对1992-2000年人民币汇率进行了定价，对2001年的定价进行了预测。本文提出并建立了基于定价汇率的本币升值新度量。以此为基础，本文度量了1993～2000年人民币汇率升贬值过程，并预测了2001年人民币升贬值度量。本文对人民币粘性均衡定价汇率及基于这一定价汇率的人民币升贬值度量进行了弹性分析。最后，本文获得了名义汇率升值并不意味着汇率升值等重要结论。

英文摘要：

The paper sets the price for the rates of conversion from RMB to US dollars from 1992 to 2000, and predicts the pricing of 2001. The paper constructs the measurement of appreciation of exchange basing on pricing exchange. With the measurement, the paper measures the process of appreciation of RMB from 1993 to 2000 and predicts the measurement of 2001. The paper conducts elasticity analysis on the measurement. Finally, the paper concludes that the nominal appreciation of exchange is not the appreciation of exchange.