我国货币政策利率传导渠道实证分析

本文选取2000～2009年数据,运用基于向量自回归模型的协整检验,格兰杰因果检验,脉冲响应函数和方差分解等计量方法,对我国货币政策利率传导渠道进行实证分析。研究结果表明我我国货币政策利率传导渠道存在一定的梗阻。本文在此基础上提出通过进一步推进利率市场化、加快企业与金融机构改革来完善货币政策利率传导渠道。

In this paper,the author conducts empirical analysis of interest rate transmission channels of monetary policy by using co-integration test,granger causality test,impulse response function and variance decomposition based on VAR model.The result of the study indicates that the interest rate transmission channel of monetary policy in our country has some obstruction.The article suggests that our government should further promote the liberalization of interest rate,the reform of enterprise and financial institution,so that our country can improve interest rate transmission channel of monetary policy.