摘要
新的货币政策传递机制的研究认为 ,货币政策主要通过投资、消费和国际贸易三大途径起作用。其中 ,运用Granger因果关系检验和协整检验方法对中国货币政策通过投资传递的具体途径和数量关系的实证分析表明 ,货币政策能够通过投资传递到宏观经济上 ,其传递途径包括贷款可得性传递途径、利率途径、非对称信息途径或资产负债表途径等 ,但不存在托宾的 q效应。
New research of monetary policy transition mechanism suggests th at monetary policy function mainly via investment, consumption and international trade. A practical analysis on the specific pathway and quantitative relationsh ip through and of which China’s monetary policy is transited by investment, exp loiting Granger causality test and covariant integral test, suggests that moneta ry policy can be transited to macro-economy via investment transition, and the transitional pathway includes loan availability transition means, pathway of int erest rate, asymmetry-information pathway and balance sheet, but there is not T romping Q-effect.
出处
《河南金融管理干部学院学报》
2005年第1期64-65,121,共3页
Journal of Henan College of Financial Management Cadres
基金
国家自然科学基金项目 (70 2 710 75 )
