中国债券市场货币政策传导有效吗

Is China bond market monetary policy transmission effective?

本文对我国债券市场货币政策传导有效性进行实证研究,首次将含有非平稳变量的Granger因果检验应用其中。结果表明:债券市场货币政策传导效率在第一阶段即基础货币与债券市场之间属于弱有效,在第二阶段即债券市场至实体经济货币政策传导作用上不能完全反映经济的基本情况。

This paper apply the Granger causality test containing nonstationary variables to empirical study on the effectiveness of Monetary Policy tramsmission through the Bond Market in China for the first time.The results show that the effectiveness is weak in the first phase between Base Monetary and Bond Market,and in the second phase between Bond Market and substantialy economy,the Bond Market can not reflect the basic information of the economy completely.