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我国货币政策传导成本渠道的存在性检验 被引量：3

Testing the Existence of the Cost Channel of China's Monetary Transmission
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摘要 利用中国近10年宏观经济数据在新凯恩斯菲利普斯曲线框架下检验我国货币政策传导成本渠道的存在性。通过VaR模型脉冲响应发现紧缩的货币政策带来短期通货膨胀现象,说明货币政策能够影响经济的供给方面。应用GMM模型验证中国货币政策传导是否存在成本渠道。研究表明,我国货币政策传导的成本渠道显著存在;银行体系不能过滤基准利率的波动,反而使贷款利率的波动大于基准利率的波动。 This paper empirically assesses the existence of the cost channel of china＇s monetary transmission within a New Keynesian Phillips Curve framework.The phenomenon of price puzzle found through a VAR model suggests the possibility of monetary policy effects on the supply side of macroeconomics.Then we estimate a GMM model and find that the cost channel significantly exists in china.The bank system can not filter the fluctuation of the benchmark interest rate but amplify it.
作者 田建强 刘志新
机构地区 北京航空航天大学经济管理学院
出处 《系统工程》 CSSCI CSCD 北大核心 2011年第8期33-37,共5页 Systems Engineering
基金 国家自然科学基金资助项目(70821061)
关键词 成本渠道 新凯恩斯菲利普斯曲线 广义矩估计 The Cost Channel NKPC GMM
分类号 F830 [经济管理—金融学]
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参考文献20

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二级参考文献68

共引文献257

同被引文献35

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引证文献3

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系统工程
2011年 第8期

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