基于菜单成本模型的货币政策非对称性效应检验

Testing for the asymmetry of monetary policy's effects based on the menu cost models

菜单成本导致产品价格在一定程度上存在粘性,此时货币供给的微小扩张或者收缩无法等比例地传导到价格水平上,于是导致微小货币冲击对产出具有实际效应,进而体现货币冲击作用呈现菜单成本型的非对称性。我们利用区制转移模型描述和检验了我国货币政策菜单成本型的非对称性,发现我国货币政策效应受到菜单成本的制约,因此建议采用多次和小幅的货币政策调控,以便发挥微小货币冲击的实际效应。

Because of the menu cost,commodity price is sticky in a certain degree.When money supply has a small change,price will not change by the same proportion of money supply shock,and the small money supply changes exert real effects on the aggregate real output.In other words,monetary policy exerts asymmetry effects on real output.This paper tests for the presence of asymmetric effects of monetary policy based on the menu cost models and finds that effects of monetary policy will be restricted by menu cost.In order to adjust and control economy perfectly,we should control the scale of money supply shocks.