我国货币政策信贷传导渠道的实证分析

An Empirical Analysis of Monetary Policy's Credit Transfer Channel in China

为应对国际金融危机的挑战和解决国内经济运行中的突出矛盾,我国的货币政策已发生了根本性的转变,即从偏紧缩的政策转为促进经济增长的适度宽松的政策。本文通过采用向量自回归模型、冲击反应分析和预期误差项方差分解等方法,发现信贷传导渠道是我国货币政策的重要传导渠道,并且信贷传导渠道具有有效性。

China＇s monetary policy rule and transmission mechanism show great changes in order to cope with the challenges of the international financial crisis and the domestic economy. This article use VAR model, impulse response and variance decomposition to describe and test the credit transmission mechanism of monetary policy. And the results show that in the monetary policy of China, credit transmission mechanism bears effective influence on real output.