货币政策效应的区域差异:基于SVAR的分析

Regional Differences in the Effects of Monetary Policy:A SVAR-based Analysis

现有文献对货币政策的讨论,大多集中于其整体实施效果研究而忽略了它可能带来的区域差异分析。通过利用结构向量自回归模型(SVAR)以及脉冲响应函数等方法,实证分析我国不同区域对统一货币政策产生的差异性效果,可以发现,无论是在影响时间还是在影响程度上,货币冲击对经济的影响存在显著的区域差异。鉴此,我国货币政策的制定必须坚持总量调整与结构优化、统一性与差异性相结合的原则。当前,充分考虑不同区域的货币需求,优化货币政策的区域结构,对于缩小区域差异并维持货币政策的统一,有着十分重要的意义。

The previous discussions on monetary policy mostly focused on the holistic effects of its implementation rather than analyzing the possible regional differences in its effects. Through employing such methods as the model of Structural Vector Autoregression （SVAR） and Impulse Response Function （ IRF）, we analyzed the differential regional effects of monetary policy. It is found that there exist manifest regional asymmetries in the monetary impacts on economy not only in terms of the time but also in terms of the extent of the effects. Therefore, in making monetary policy of our country we have to adhere to such a principle as to combine adjusting the gross volume with optimizing the structure and to take into consideration uniformity and diversity. At present, as far as the narrowing of the regional divergences and maintaining of the uniformity of the monetary policy are concerned, it is of great significance to keep in perspective the different regional demands for monetary supply and to optimize the regional structure of monetary policy.