我国货币政策的区域非对称效应研究

Research on the Regional Asymmetric Effect under Monetary Policy Shock in China

货币政策作为国家宏观经济调控的手段一直受到央行的高度重视，一直以来，学术研究重点在于把握国民经济的整体运行情况，而忽略了区域内部特殊性，产生了统一货币政策下的区域非对称效应。本文采用了1978年一2013年的年度统计数据，基于向量自回归模型（VAR）定量分析比较我国东部、中部、西部地区在面对货币当局统一货币政策冲击时的不同响应，得出经济发达的东部区域产出响应峰值和累积响应峰值均超出中西部区域，而价格反应强度中部地区响应峰值和累积脉冲响应峰值最大，强于东部和西部地区，由此证明了我国存在货币政策区域效应非对称性，并针对其产生的原因提出相关的政策建议。

Monetary policy as a means of national macro - economy control has been the central bank＇s attention. For a long time, however, the focus of academic research has always been on the overall operation of the national economy, ignoring the differences within the regions, thus, resulting in the regional asymmetric effect under the unitary monetary policy. In this paper, we take the quantitative analysis using the VAR model to compare different responses in the face of monetary authority＇s unitary monetary po icy shocks between the eastern, central and western regions of China based on the annual statistical data from the 1978 to 2013. It is found that the output response peak and the cumulative response peak of the economically developed eastern region exceed those of the Middle and West regions, while in terms of price response peak and cumulative response peak, the central region cxceedsthe other two . Thus the conclusion can be reached that there is regional asymmetric effect under monetary policy shock in China. Finally, in response to the problem some policy recommendations are put forward.