入世后我国货币政策非对称性效应分析

An Analysis on Asymmetric Effect of China's Monetary Policies after Becoming a Member of WTO

入世后,我国货币政策更多地受到国外资本、政治等因素的影响,利用货币供给和产出建立VAR模型,借助脉冲响应函数比较正负货币政策对产出的影响,发现紧缩的货币政策对经济影响效果显著,而扩张的货币政策效果不明显。

After becoming a member ofWTO, China＇s monetary policy are more influenced by factors related to foreign capital flow, political and other situations. By using money supply and the output to establish VAR model and employing impulse response function, We can make a comparison between the effects separately exerted by positive and negative monetary policies on the output. We can also find that the tightening of monetary policy effects on the economy significantly, while the expansionary monetary policy exerts less influence in the economy.