货币政策对金融资产结构及宏观经济波动的有效性研究

Effectiveness of Monetary Policy on the Financial Asset Structure and Macro-economic Fluctuations

货币政策调整可以影响个人的消费、投资行为,个人行为的累积会形成宏观的金融资产结构,通过信贷和融资将金融资本转化为实物资本,从而达到对宏观经济的影响。本文通过构建Sidrauski模型,提出货币政策的影响路径假说,并构建ARDL-ECM计量模型进行实证检验,认为货币政策对金融资产结构的影响效果比对宏观经济更有效,短期调整比长期影响更有效。

The adjustment of monetary policy can affect the consumption and investment of the individuals. The accumulation of individual behavior will result in the creation of the macro financial asset structure.Through credit and financing,the financial capital will be converted to physical capital and thus have an impact on macroeconomic. In this paper,by constructing Sidrauski model,the effects of monetary policy path hypothesis are put forward. Then ARDL-ECM is build to argue that the monetary policy effect on the structure of financial assets is more effective than macroeconomic,short-term adjustment is more effective than long-term.