我国货币政策多重非对称效应实证检验

The Empirical Test of Multiple Asymmetric Effects of Monetary Policy in China

实证检验表明:在不同的年份,我国经济或受到正向货币供给冲击,或受到负向货币供给冲击;我国东部地区、东北地区、西部地区和中部地区并不总是同时处于地区经济周期的繁荣或衰退阶段;我国不同调控方向的货币政策对处于地区经济周期不同阶段的四地区经济的影响是不相同的,即存在货币政策多重非对称效应。

The empirical test indicates that in different years China＇ s economy encounters positive or negative shock of money supply. China＇ s eastern regions, northeast regions, western areas and central areas are not always at the same time in the boom or recession phase of regional economic cycles. The empirical test indicates that the influence that is from monetary policy is of different control direction to the economy of four regions, which are in different regional economic cycles. In other words, there is multiple asymmetric effects of monetary policy in China.