货币政策作用的有效性和非对称性研究

Studies of the Effectiveness and Asymmetry of Monetary Policy in China's Economy

货币政策的非对称性主要是指货币政策在经济周期的不同阶段具有不同的作用效果。通过对货币政策状态（扩张性和紧缩性）的度量，我们检验发现在我国经济运行当中，紧缩性货币政策对于经济的减速作用大于扩张性货币政策对于经济的加速作用。因此，在经济收缩阶段应该实行稳健性货币政策来规避金融风险和防范通货膨胀，采用积极财政政策刺激投资需求和消费需求，以保持经济的快速稳定增长。

Monetary policy has different impacts on economic activities in business cycle. This is noted by the asymmetry of monetary policy. We find in China ' s economy, tight monetary policy slow the economy in the boom more than easy monetary policy accelerates the economy in the recession. In the recession period of business cycle, we should take the robust monetary policy to avoid the financial risk and prevent the inflation, and take the active fiscal policy to stimulus investment demand and consumption demand, and keep the rapid and stable economic growth.