摘要
自2007年以来,金融当局一直频繁运用各种货币政策工具进行宏观调控,为研究货币政策实施的效率,本文构建两变量的结构向量自回归模型进行脉冲响应分析来探索货币政策的内部时滞和外部时滞。研究结果表明,当前我国并不存在明显的内部时滞,外部时滞大约为1个月,不过物价水平对货币供给量反应的作用时滞大约为4个月,并在此基础上提出相关建议,认为不宜高频率采取货币政策。
Since 2007,financial authorities have been frequent use of various monetary policy for macroeconomic control.To study the efficiency of monetary policy,this paper explore the internal time lag and external time lag of monetary policy by impulse response analysis based on the structure VAR model of the two variables.The results show that there is not obvious internal time lag,and the external time lag is about 1 month in China.However,the impact of money supply lasts four months.Based on the results,this paper presents recommendations,adjust monetary policy should not be high-frequency.
出处
《特区经济》
2012年第2期67-69,共3页
Special Zone Economy
基金
中南民族大学中央高校基本科研业务费专项资金项目(编号:CSQ11011)资助
关键词
内部时滞
外部时滞
结构向量自回归
脉冲响应分析
internal time lag
external time lag
struc ture VAR
impulse response analysis
