开放经济下的全球货币政策有效性检验——基于36个国家的面板数据

Economic Openness and Global Monetary Policy Effects——An Analysis Based on Panel Data of 36 Countries

在Karras(1999)关于经济开放度和货币政策有效性模型的基础上,根据货币政策名义锚的差异将36个国家分为5类,通过对这些国家2000年至2010年的面板数据进行固定效应的回归分析,检验和对比开放程度对货币政策有效性的影响程度。研究结果表明:随着经济开放度的提高,货币政策的产出效应和价格效应都将受到削弱,且削弱程度与货币政策的名义锚选择密切相关。

Based on the models of economic openness and monetary effects provided by Karras （1999） and the monetary framework defined by IMF, this paper classifies 36 countries into 5 categories, and conducts a panel data analysis of fixed-effect regression to verify and compare the influences of economic openness on monetary policy in different monetary frameworks. The results show that with the improvement of economic openness, both the output and price effect of monetary policy will be weakened at different degrees which are affected by monetary nominal anchors.