开放条件下货币政策的资产价格传导机制研究

Study on the Mechanism of Assets Price Transmission in Monetary Policy under the Open Economy

本文研究开放经济条件下货币政策在资本市场、汇率市场和商品市场之间的传导过程。文章首先构建了开放条件下货币政策的资产价格传导模型,并与传统货币政策传导模型进行比较分析,认为它更合适地解释了1999年后中国的货币政策传导机制。最后用VAR方法证明开放条件下货币政策的资产价格传导机制具有系统稳定性。

The paper research on the monetary policy transmission through the capital market,the foreign exchange market and the commodity market in the open economics.First,we construct an assets price transmission model of monetary policy under the open economics,and then compare it with the traditional monetary policy transmission models,and find that the model we constructed is better to analyze China's transmission mechanism of monetary policy after the year 1999.At last,we use VAR to prove that the assets price transmission mechanism of monetary policy under the open economics is stability.