货币扩张、消费习惯偏好与产出非对称效应研究

Consumption Habit Preference,Monetary Expansion and the Asymmetric Effect of Output

运用LSTVAR方法,考量货币扩张、消费习惯偏好与产出非对称效应,发现货币扩张的产出效应具有非对称性,且货币扩张在"低增长区制"下的产出效应显著大于在"高增长区制"下的产出效应。消费习惯偏好的程度差异是导致不同经济区制下货币政策非对称效应的主要原因,且低消费习惯偏好下货币扩张的产出效果更好。鉴此,政府在主动降低经济增速要求的同时,应积极创新宏观调控方式,改善居民消费环境,优化居民消费结构,以降低居民消费习惯偏好。

This paper analyzed the asymmetric effect of monetary policy on output by using LSTVAR model,and found that the output effect of monetary expansion in the low growth regime was significantly greater than the effect in the high growth regime.The research also showed that the difference of consumption habit preference was the main reason leading to asymmetric effect of monetary policy in different economic regime system,and the output effect of monetary expansion in low consumption habit preference regime will be better.Therefore,the government should reduce the economic growth speed requirements,and pursue actively macro-control innovation to improve the consumer environment and reduce the consumption habit preference.