资源描述：
《中国货币政策的行业非对称性效应-分析》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、-------中国货币政策行业非对称效应分析AbstractMonetarypolicy,combinedwithfiscalpolicy,isoftenusedasanadjustmenttooltostabilizepriceandpromoteemployment.Thebasictoolsusedbythecentralbank,suchasthesamereserverequirementratio,theceilingofdepositinterestrateandhetotalannualcre
2、ditvolume,areallone-size-fits-allpolicy.Becausegreatdifferencesexistinvariedindustries,thesamemonetarypolicymaycausedifferentmonetaryeffects,wecallthismonetaryphenomenon“theAsymmetricIndustryEffectsofMonetaryPolicy”.Thechangeofmoneyaggregatecanbringre-prici
3、ngprocessofallresources,newbalanceofpricesneedtimetoachieve.Inthepriceadjustmentprocess,pricedistortioncanleadtomismatchofresources,thehotrealestatemarketand"hollowingout"tendencyinmanufacturingindustryareexamples.Asaresult,the"one-size-fits-all"monetarypol
4、icyisclearlynotabletoachievethegoalofeconomyreadjustmentandcontrol.Forthedefectsofmacro"one-size-fits-all"monetarypolicy,morequantitativeresearchisneededtobuildmoreaccuratepolicies.Onlyinthisway,industrialupgradingwillnotbeanemptytalk.Thestructureofthisarti
5、cleisasfollows:First,wemakeareviewofasymmetriceffectstheoryofmonetarypolicyandempiricalexamples.Theoreticalmodelisbuiltontheaboveanalysis.Second,theempiricalaspectswillbedividedintotwolevels.Thefirstlevelistheexistencesdemonstrationandshowofasymmetriceffect
6、s.Throughthetestoftheoreticalpaneldatamodel,theexistenceoftheasymmetricmonetarypolicyacrossindustriesisproved.VARmodelisusedtoshowtheexactdifferencesofmonetarypolicy,suchasthedepth,breadth,andspeed.Therestoftheempiricalpartisusedfortheexplorationofthereason
7、sthatcauseasymmetriceffects.Grangercausalitytestisusedforthevalidationtestofpricechannelandcreditchannel.Thenmultipleregressionsareusedtoexploreforthespecificreasons.Throughempiricaltestwegetthefollowingconclusions:first,industryasymmetryeffectsofmonetarypo
8、licyexist,especiallyinthedepthandspeed.III-----------中国货币政策行业非对称效应分析Secondly,thevalidityofthecreditchannelisbetterthanthepricechannel.Finally,profitgrowthrate,exportdependencyandcapitaloutputratio,inte
