我国利率政策实践及其效果的实证检验

The Empirical Analysis of China's Interest Rate Policy

利率是一个重要的经济范畴和经济指标。基于近年来我国央行频繁采用利率政策调控宏观经济等措施,文章采用计量经济学的相关分析方法,从宏微调控层面展开对我国利率政策实施效果的检验,得出结论:一是伴随市场环境的变化,在1996年以后,我国利率政策的有效性方才得以基本显现;二是在我国利率政策的运行过程中,利率政策的时滞效应非常明显,通常时滞在12个月以上。

Interest rate is an important economic areas and index. In recent years, the interest rate policy in macroeconomic regulation and control frequently was used by China＇s central bank. This paper shows some conclusions as follows. The first is with the change of market environment,China＇s interest rate policy effectiveness have appeared basically after 1996 The second is the time lag effect of interest rate policy always has more than 12 months in the running of interest rate policy, usually focus on the more than 12 months.