中国货币政策传导的行业效应研究——基于利率政策的经验分析

On the Industrial Effects of Monetary Policy Transmission in China:An Empirical Analysis Based on Interest Rate Policies

本文以利率政策为核心,运用VAR模型的脉冲响应函数研究了中国统一的货币政策在工业行业层面的产出效应和价格效应,即着重探讨八个工业行业对利率政策冲击的反应。结果显示,中国的货币政策存在明显的行业效应,并导致行业层面出现了明显的"价格之谜"现象,而利率政策的变化确实能够对行业层面的"价格之谜"现象给予合理的解释。

Based on interest rate policies,the paper applies the impulse response function of VAR model to study the output and price effects of Chinese unified monetary policy from the angle of industrial sector.It places emphasis on the responses of eight industrial sectors to interest rate policy shocks.The results show that Chinese monetary policy which has significant industrial effects leads to a clear phenomenon of price puzzle in the industrial level.Indeed,the changes of interest rate policies give a reasonab...