基于SVAR模型的法定存款准备金率对宏观经济各变量的影响分析

Analysis on the Effect of Required Deposit Reserve Ratio on the Macro Economic Variables Based on SVAR Model

准备金率是央行近年来使用频率最高的货币政策工具,它直接影响货币供应量,间接影响价格水平、利率以及股市。文章通过自回归模型(SVAR)、脉冲响应函数以及方差分解技术考察准备金率对宏观经济变量的影响,结果显示:存款准备金率的变动对三个变量的影响是不同的,其中对M1影响最大,对CPI影响较小,对于股市影响也较小且比较短暂。

Required deposit reserve ratio is the most frequently used monetary policy tool for PBOC in re- cent years. It affects the money supply directly,and affects the price level,interest rates and stocks market indirectly. The paper analyzes the effects of the deposit reserve ratio on the macro economic variables through SVAR model,impulse response function,and variance decomposition.And the results show： the re- serve ratio has different effects on the variables,with the greatest impact on the Ml,followed by the CPl, and the smallest and shortest impact on the stock market.