摘要
本文利用中国的经济数据从宏观和微观两个视角对中国货币政策传导股市渠道的有效性进行了实证研究和分析。实证结果显示在中国现阶段货币政策传导在股市渠道的第一个阶段是有效的。但是,货币政策的传导在第二阶段从整体来说并非有效。文中构建的宏观模型和微观模型的结论得到了相互印证,增强了实证结论的可靠性。最后,文章对疏通中国货币政策传导的股市渠道提出了政策建议。
This paper mainly studies the effectiveness of monetary policy transmission through stock market channel based on Chinese economic data. The empirical studies in this paper are based on both the macroeconomic level and microeconomic level. The conclusions suggest that the first stage of transmission seems to be effective, but not the second stage as a whole. The results of macroeconomic empirical model and microeconomic empirical model coincide, which reinforce the reliability of the conclusion. Finally, policy implications are proposed on China’s monetary policy transmission through stock market channel.
出处
《上海金融》
CSSCI
北大核心
2010年第5期43-48,共6页
Shanghai Finance
关键词
货币政策
传导渠道
股市渠道
Monetary Policy
Transmission Channel
Stock Market Channel
