摘要
货币政策的传导渠道一般分为货币和信贷两大渠道。本文采用相关系数、单位根检验、协整理论和格兰杰因果检验对我国转轨经济下2000～2007年季度数据进行实证分析,结果表明货币渠道或信贷渠道不能独立对货币政策的传导发挥作用而是需要共同作用影响经济总产出,且相比而言货币渠道更为重要。在转轨经济下,短期完善信贷渠道长期规划货币渠道成为提高货币政策传导有效性的关键。
The transmission mechanism of monetary policy includes monetary and credit channel.In this paper,Augumented Dicky-Fuller test,cointegration test,Var and Granger Causality tests are used to carry out the empirical analysis of Chinese monetary transmission mechanism during the 2000-2007 sample periods.The results shows that neither monetary channel nor credit channel could affect the real economy only by itself,but together exert an important influence on GDP.Futhermore,monetary channel plays a more important role .Fully developing credit channel in short period and making a good plan for monetary channel in long period having been a critical point to raise the effectiveness of monetary policy.
出处
《特区经济》
北大核心
2008年第8期68-70,共3页
Special Zone Economy
