摘要
本文利用我国2005年1月到2012年12月的宏观数据,通过数据的稳定性检验和协整检验,比较分析货币政策信贷传导机制和货币传导机制的有效性,并运用脉冲响应函数和状态空间模型对变量进行实证分析。结果显示信贷传导渠道对我国物价的影响有较强滞后性,通过货币渠道进行物价的调控更为有效;信贷渠道和货币渠道共同影响我国经济运行,相比较而言,货币渠道对经济的拉动作用较强。
In this paper,China＇s macro data from January 2005 to December 2012 are used to compare and analyze the effectiveness of transmission mechanism of money and monetary policy credit.Then,the paper empirically analyzes the variables by use of impulse response function and state space model,after the data stability test and cointegration test.The results show that the credit transmission channels have a strong lag to CPI,while monetary channels show more effective regulation to CPI;credit channel and monetary channel affect China＇s economy operation,and the role of the monetary channels on boosting the economy is stronger.
出处
《商业研究》
CSSCI
北大核心
2013年第8期20-24,60,共6页
Commercial Research
基金
国家社科基金重大项目
项目编号:11&ZD011
关键词
信贷渠道
货币渠道
脉冲响应函数
状态空间模型
credit channel
monetary channel
impulse response function
state space model
