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1、-------中国货币政策行业非对称效应分析AbstractMonetarypolicy,combinedwithfiscalpolicy,isoftenusedasanadjustmenttooltostabilizepriceandpromoteemployment.Thebasictoolsusedbythecentralbank,suchasthesamereserverequirementratio,theceilingofdepositinterestrateandhetotalannualcreditvolume,areallone-si
2、ze-fits-allpolicy.Becausegreatdifferencesexistinvariedindustries,thesamemonetarypolicymaycausedifferentmonetaryeffects,wecallthismonetaryphenomenon“theAsymmetricIndustryEffectsofMonetaryPolicy”.Thechangeofmoneyaggregatecanbringre-pricingprocessofallresources,newbalanceofpricesne
3、edtimetoachieve.Inthepriceadjustmentprocess,pricedistortioncanleadtomismatchofresources,thehotrealestatemarketand"hollowingout"tendencyinmanufacturingindustryareexamples.Asaresult,the"one-size-fits-all"monetarypolicyisclearlynotabletoachievethegoalofeconomyreadjustmentandcontrol
4、.Forthedefectsofmacro"one-size-fits-all"monetarypolicy,morequantitativeresearchisneededtobuildmoreaccuratepolicies.Onlyinthisway,industrialupgradingwillnotbeanemptytalk.Thestructureofthisarticleisasfollows:First,wemakeareviewofasymmetriceffectstheoryofmonetarypolicyandempiricale
5、xamples.Theoreticalmodelisbuiltontheaboveanalysis.Second,theempiricalaspectswillbedividedintotwolevels.Thefirstlevelistheexistencesdemonstrationandshowofasymmetriceffects.Throughthetestoftheoreticalpaneldatamodel,theexistenceoftheasymmetricmonetarypolicyacrossindustriesisproved.
6、VARmodelisusedtoshowtheexactdifferencesofmonetarypolicy,suchasthedepth,breadth,andspeed.Therestoftheempiricalpartisusedfortheexplorationofthereasonsthatcauseasymmetriceffects.Grangercausalitytestisusedforthevalidationtestofpricechannelandcreditchannel.Thenmultipleregressionsareu
7、sedtoexploreforthespecificreasons.Throughempiricaltestwegetthefollowingconclusions:first,industryasymmetryeffectsofmonetarypolicyexist,especiallyinthedepthandspeed.III-----------中国货币政策行业非对称效应分析Secondly,thevalidityofthecreditchannelisbetterthanthepricechannel.Finally,profitgrowth
8、rate,exportdependencyandcapitaloutputratio,inte
