From the importance of the money-interest conduct mechanism to the effect of money policy and the two principal factors,which is critical to the effective money-interest conduct mechanism,we analyze the relationship b...From the importance of the money-interest conduct mechanism to the effect of money policy and the two principal factors,which is critical to the effective money-interest conduct mechanism,we analyze the relationship between the high-powered money supply and the LIBOR of China which is in marketable from 1996.The results shows that it is not only sensitive but also in accord with the marketable infinite reasonableness if the interest is not decided in advice.To policy,this implies that we can push on the interest rate reform in a good environment.In the meanwhile,the results also sustain the Taylor rules from a side.展开更多
The interest rate is an important tool for the monetary policy,while in China it is not as effective as which the macroeconomics theory has expected. This paper makes a nonsymmetrical error correction model for the re...The interest rate is an important tool for the monetary policy,while in China it is not as effective as which the macroeconomics theory has expected. This paper makes a nonsymmetrical error correction model for the re-loan rate and inter-bank rate,to research the dynamic transmission mechanism of the relation of these interest rates. The significant nonsymmetrical relation is found between the two interest rates and it is the nonsymmetrical relation that has great influence in the transmission effect of the interest rate policy,furthermore,the economics explanation of the nonsymmetrical relation is the arbitrage of the banks and the single direction of the re-loan rate.展开更多
文摘From the importance of the money-interest conduct mechanism to the effect of money policy and the two principal factors,which is critical to the effective money-interest conduct mechanism,we analyze the relationship between the high-powered money supply and the LIBOR of China which is in marketable from 1996.The results shows that it is not only sensitive but also in accord with the marketable infinite reasonableness if the interest is not decided in advice.To policy,this implies that we can push on the interest rate reform in a good environment.In the meanwhile,the results also sustain the Taylor rules from a side.
文摘The interest rate is an important tool for the monetary policy,while in China it is not as effective as which the macroeconomics theory has expected. This paper makes a nonsymmetrical error correction model for the re-loan rate and inter-bank rate,to research the dynamic transmission mechanism of the relation of these interest rates. The significant nonsymmetrical relation is found between the two interest rates and it is the nonsymmetrical relation that has great influence in the transmission effect of the interest rate policy,furthermore,the economics explanation of the nonsymmetrical relation is the arbitrage of the banks and the single direction of the re-loan rate.
