美国货币政策冲击的非对称影响分析--基于实体经济和虚拟经济二分法的视角

An Analysis of the Asymmetric Effects of American Monetary Policy Impact: From the Perspective of the Dichotomy between Real Economy and Virtual Economy

虚拟经济的自我膨胀机制及创造GDP的特殊方式,决定了货币政策冲击对实体经济与虚拟经济的不对称影响。运用SVAR模型和脉冲响应函数对美国货币政策冲击的影响进行了实证检验,结果证实了这种不对称效应的存在。货币政策是决定美国虚拟经济兴衰的直接变量。因此,从长期看,美国要恢复实体经济,实现"再工业化"就不能仅仅通过货币政策来调整经济,必须考虑到货币政策对实体经济与虚拟经济的不对称影响,从结构性政策入手来调整美国经济。

The self-expansion mechanism of virtual economy and its special way of creating GDP have determined the asymmetric effect of monetary policy impact on the real economy and the virtual economy. This paper employs the SVAR model and the impulse response function to conduct an em- pirical test on the impact of American monetary policy, the result can confirm the existence of the asymmetry effect. The monetary policy is the direct variable determining the rise and fall of US vir- tual economy. Therefore, in the long run, instead of adjusting the economy only through monetary policy, the United States must take this asymmetry effect into account and adjust its economy through the structural policies, so as to restore the real economy and achieve the re-industrialization.