摘要
本文利用历史数据对中国货币当局的政策反应函数进行了实证检验。结果发现,中国货币当局除了按照泰勒(Taylor)规则对通胀偏倚和产出偏倚作出反应之外,还对美国货币政策变量作出反应。这表明,中国货币当局在制定货币政策时已经在某种程度上考虑了国际博弈因素。
In this paper, we test China＇ s monetary policy reaction function. The result shows that China＇ s monetary authority not only reacts to bias of inflation and output according to Taylor rule, but also reacts to U.S. monetary policy variables. That is to say, when making monetary policy decisions, China＇ s monetary authority has taken international game elements into account to some extent.
出处
《南方金融》
北大核心
2011年第8期27-29,共3页
South China Finance
关键词
货币政策
反应函数
泰勒规则
Monetary Policy
Reaction Function
Taylor Rule
