货币政策传导的行业效应研究

A Study on the Industrial Impact of Monetary Policy

货币政策传导机制及其对宏观经济的影响是经济学中的研究热点,然而,货币政策在行业层面上的具体影响却很少有文献涉及。文章以中国作为研究对象,应用时间序列计量模型深入考察了货币政策的行业效应。结果显示,货币政策冲击对行业经济的影响程度存在较大差异,总量货币政策难以取得预想的效果。此外,行业间的投入产出联系形成了货币政策传导的隐性渠道,建筑、电力、机械等行业是其中的主要环节。

The transmission mechanism of monetary policy and its macroeconomic impact are hot issues in the world of economics. However, there are few literatures about the effects of monetary policy at the sectoral level. This article applies the econometric model of time series to investigate the industrial effects of monetary policy based on the data of China. The findings reveal that the shock of money supply has different effects on the individual industry, so the structural monetary policy is essential. Moreover, the inputoutput relationships among industries generate invisible channel of monetary policy transmission.