中文摘要：

本文基于跨期最优消费理论，研究中国经常项目对各种经济冲击的响应。首先在最优消费模型的基础上给出了经常项目对产出冲击的脉冲响应函数表达式，实证结果发现，中国产出数据服从一阶差分后的一阶自回归模型；四个变量中经常项目余额、国内生产总值、政府支出、投资都是一阶单整序列，且存在长期协整关系；利用脉冲响应函数发现中国经常项目余额对来自产出的标准差新息冲击的反应呈现出负效应。

英文摘要：

Based on the intertemporal optimal consumption theory, we study the impact of a variety of economic shocks on China＇s current account. First of all, we put forward impulse response functions of the current account to production shocks. The empirical results show that the current account balance, gross domestic products, government spending and investment are I （1） series. Using the unit root test and the Johansen co -integration test, we know that there is a long-term equilibrium relationship among four series. Through impulse response function, this paper analyzes the impact of the gross domestic products, government spending and investment on the current account balance.