货币政策行动、经济政策不确定性与企业创新

Monetary Policy Action, Economic Policy Uncertainty and Enterprise Innovation

构建综合反映央行主要货币政策工具的货币政策行动指数,实证检验了央行实际行动对企业创新行为的影响,并分析了经济政策不确定性在其中扮演的角色。研究结果表明,宽松的央行货币政策行动有助于促进企业创新,但经济政策不确定性弱化了央行实际行动的作用。进一步采用改进的关键词词频法构建央行言辞沟通指数来考察央行“言”与“行”的互动作用,研究发现只有“言行一致”的情况下央行实际行动才能更好地发挥作用。

This paper constructs monetary policy action index that comprehensively reflects the main policy tools of the People′s Bank of China, empirically tests the impact of the monetary policy action on corporate innovation behavior, and analyzes the role of economic policy uncertainty.Results show that the loose monetary policy action can help promote corporate innovation, but economic policy uncertainty will impair the influence of the loose monetary policy action.It further constructs the words communication index through the improved keyword frequency method and explores the interaction of the words and actions.It found that monetary policy action is effective only when the words and actions are consistent.