中国地区间货币政策效应双重非对称性研究

The Dual Asymmetry Effects of Monetary Policy among Regions in China

本文使用二步OLS法及Markov-Switching model对货币政策效应可能存在的双重非对称性进行实证研究,发现货币政策不仅存在方向上的效应非对称性,而且存在区域间的效应非对称性。在中国,中西部地区对扩张政策反应弹性小于紧缩政策反应弹性,东部地区对紧缩政策的反应弹性小于扩张性政策的反应弹性,即东部、中部、西部地区对于同一货币政策的反应弹性不同。

In this paper, we make an empirical research on the dual asymmetry effects of monetary policy among regions in China using two-step OLS and Markov- Switching model. We find that there not only exists the effects of asymmetry in the direction of monetary policy, but also the effects of asymmetry among regions. The response flexibility of the expansive policy is lower than that of the tight policy in the middle and western regions. On the contrary, the response flexibility of the expansive policy is higher than that of the tight policy in the eastern region in China. Namely, the response flexibilities of monetary policy among the eastern, middle and western regions are different.