摘要
The effectiveness of monetary policy depends on the period of business cycle。By recognizing the monetary policy regime switching and testing for the money-output relationships,we find that in China’s economy,tight monetary policy slow the economy in the boom more than easy monetary policy accelerates the economy in the recession.At current situations,the targets of robust monetary policy are to stimulus nominal economy and expand the effective demand.
The effectiveness of monetary policy depends on the period of business cycle。By recognizing the monetary policy regime switching and testing for the money-output relationships,we find that in China's economy,tight monetary policy slow the economy in the boom more than easy monetary policy accelerates the economy in the recession.At current situations,the targets of robust monetary policy are to stimulus nominal economy and expand the effective demand.
出处
《统计研究》
CSSCI
北大核心
2003年第8期60-63,共4页
Statistical Research
基金
国家自然科学基金项目 ( 7990 0 0 2 5 )
社会科学基金项目( 0 2JYB0 19)
教育部重大项目 ( 2 0 0 0ZDXM790 0 0 9)的资助。
