我国货币政策行业效应的非对称性研究——来自服务业的实证

Asymmetry of Monetary Policy Industry Effect in China——Evidence fromService Industry

经济新常态下,服务业已成为国民经济的第一大产业,也是供给侧结构性改革的关键。本文从理论上分析了货币政策行业非对称效应的形成机理,并基于13个服务行业2005-2016年间的季度数据,建立VAR实证模型检验理论结果。研究表明我国货币政策对服务业的影响存在显著非对称性,这对于新常态下货币政策的正确实施和服务业供给侧结构性改革具有重大现实意义。

Under the new economy, the service industry has become the largest industry of the national economy. The service industry is essential for the structural reform of the supply front. This paper theoretically analyzes the asymmetry of monetary policy industry effect. the VAR model is established,which is based on the quarterly data of 13 service industries from 2005 to 2016,to examine the conclusion of the theory. This is of great significance for the implementation of the monetary policy under the new normal state and the structural reform of the supply side of the service industry.