我国货币政策非对称效果研究

Study on Asymmetric Effects of China Monetary Policy

以我国产出、价格和货币组成的一个系统作为研究对象,运用平滑转移向量误差修正模型对我国货币政策的非对称效果进行了分析,并通过一般化脉冲响应函数探讨了三种非对称形式。结果表明,产出在高增长状态时对货币冲击的反应明显大于低增长状态,冲击方向和冲击规模不同会带来明显的非对称效果,依具体经济状态表现不同。

Monetary policy is an important component of macroeconomic policies. Majority of scholars concern its effects. The author uses smooth transition vector error correction model including output, prices and monetary and general impulse response function methods to shed light on three questions. The results show that： high growth in output of the state＇s response to the currency impact significantly lower than the growth of the state response; the direction of the impact of different size and impact will be significant asymmetric effects, depending on the specific performance of different economic status.