货币政策的利率效应:来自中国过去20年的实证被引量：14

Interest Rate Effect of Monetary Policy: Empirical Evidence From China in the Past twenty Years

在线阅读下载PDF

导出

摘要运用方差分解方法考察利率对中国货币政策最终目标的贡献度,运用脉冲响应函数考察利率对中国货币政策传导机制相关经济变量的影响,并深入分析这种利率效应的产权制度原因,可以得出以下几点结论:(1)利率目前在中国货币政策中的作用非常有限,对货币政策的影响集中于短期;(2)传统的国有产权制度是利率在中国货币政策中表现欠佳的制度原因。(3)要充分发挥货币政策中的利率效果,必须先进行彻底的产权改革。 The purpose of this paper is , by suing Variance Decomposition Method, to explore the contribution of the interest rate to the ultimate objects of monetary policy ; and to explore the influence of the interest rate on related variants in the transforming mechanism of monetary policy. From the perspective of property tights institution; we analysis the interest rate effect of monetary policy. We hold up in this paper that：（1）the influence of interest rate on the monetary policy in China is limited and obvious in shortterm; （2）The Classical state- owned property tights institution constructs the institutional factor which lead to weak effect of interest rate in China; （3）Whole complete property rights reform is the premise of make the most of the interest rate effect of monetary policy.

作者江春刘春华

机构地区武汉大学金融研究中心

出处《广东金融学院学报》 2006年第2期18-26,共9页 Journal of Guangdong University of Finance

基金国家教育部人文社会科学重大研究项目(05JJD790020) 国家教育部"新世纪优秀人才支持计划"的资助

关键词利率效应货币政策产权制度经验分析 Interest Rate Monetary Policy Property Rights

分类号 F821.0 [经济管理—财政学]

作者简介江春（1960-），男，武汉大学经济与管理学院金融系主任兼武汉大学金融研究中心主任，教授，博士生导师刘春华（1979-）男，武汉大学金融研究中心博士研究生。

引文网络
相关文献

参考文献27

1[1]McCallum B.T.,a reconsideration of Sims' evidence concerning monetarism,Economics Letter,1983,pp67～171
2[2]Litterman R.M.and Weiss L.,Money,real interest rate and output:a reinterpretation of poatwar U.S.data,Econometrica,1985,53,pp.129～156
3[3]Bernank B.S.and Blinder A.S.,The federal funds rate and the channels of monetary transmission,American Economic Review,1992,82,pp901～921.
4[4]Friedman B.M.and Kuttner K.N.,Money,income,price and interest rates,American Economic Review,1992,82,pp472～492.
5[5]Estrella,Arturo,and Frederic S.Mishkin,1996a:Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy? NBERWorking Paper,No.5845,November
6[6]Estrella,Arturo,and Frederic S.Mishkin,1996b:The Yield Curve as a Predictors of Recessions in the United States and Europe,The Ditermination of Long-Term Interest Rates and Exchange Rates and the Role of Expectations,BIS Conference Paper Vol.2.
7[7]Mishkin,Frederic S.,The channels of monetary transmission:lessons for monetary policy,NBER workingpaper,1996.
8[8]Fuhrer J.C.and Moore G.R.,Monetary policy trade-offs and the correlation between nominal interest rates and real output,American Economic Review,1995,85.
9[9]Taylor john B.,The monetary transmission mechanism:an empirical framework,Journal of Economic Perspectives,1995,9,pp11～26.
10[10]Bemank B.S.and Gertler M.,Inside the black box:the credit channels of monetary policy transmission,Journal of Economic Perspectives,1995,9,pp27～48.