金融危机背景下我国适度宽松货币政策效果分析

Empirical Analysis of China's Moderately Loose Monetary Policy under the Financial Crisis

本文利用2008年9月—2009年11月的相关数据,运用Granger因果检验和脉冲响应函数进行实证分析,结果发现在这次全球性金融危机的背景下我国实施适度宽松的货币政策对促进经济增长有很好的效果,而且货币政策中的货币渠道传导途径的作用效果要比信贷渠道的作用效果好;但是在稳定物价水平方面,货币政策的效果不是很显著。

In this study relevant data from September,2008 to November,2009,Granger causality test and impulse response functions are used to make an empirical analysis of moderately loose monetary policy.The results show that moderately loose monetary policy can promote economic growth,and channels of monetary transmission has better effect than credit channel,but no significant effect on stabilizing prices.