货币政策冲击效应的区域非对称性研究

The Asymmetrical Effects of Regional Economic under the Shock of Monetary Policy

使用SVAR模型与脉冲响应函数、方差分解方法定量分析了1994～2007年我国统一的货币政策冲击对三大经济区域产出影响的动态过程。结果表明:长期内我国货币政策具有中性,短期内具有区域效应,而且在整个过程中呈现出一定的趋同特征。表现为,一方面,货币政策冲击对各地区产出在响应程度和时滞上具有显著差异;另一方面,冲击对各地区经济波动的贡献率随着时间而趋于一致。

This paper uses the SVAR models, impulse response function and variance decomposition method to analyze the effect of China＇ s unification monetary policies shock to output of the eight regional economies in 1994-2007. The result showed that China＇ s monetary policy transmission mechanism is different in different regions, and showed that the impact of monetary policy on output of the regional economies is significant differences in the degree and the time lag.