我国利率规则与实际产出和通货膨胀率之间的非对称关联机制研究

Studies on the Asymmetric Relationships between Interest Rate Rules and Real Output and Inflation in China's Economy

本文利用货币政策的泰勒规则,分别以通货膨胀预期和实际产出缺口作为转移变量,描述和检验了货币政策对实际产出和通货膨胀率的非对称性影响机制。检验结果表明,我国名义利率与通货膨胀率、实际产出缺口之间都存在显著的非线性关系,这说明通货膨胀预期和实际产出缺口的变化对货币政策制定和实施产生显著影响,我国货币政策操作具有一定的相机选择成分。

In this paper, the non-linear Taylor Rule was tested as the output gap and inflation expectations for transfer variable. The results show that monetary function is significantly characterized by the form of LSTAR1. This means that the change of economic growth and inflation expectation have a significant effect on the monetary policy of our country. There exist some discretion components in China＇s monetary policy due to its stable roles for business cycle.