1、2010中国金融国际年会*货币政策传导效应与“价格之谜”——来自中国1997—2008年的经验证据杨小军(上海财经大学金融学院,上海200439)Monetary TransmissionEffectandthe“PricePuzzle”: An EmpiricalEvidencefrom1997 to 2008 in ChinaYang Xiaojun (School of Finance, Shanghai Universityof Finance andEconomics, Shanghai 200433, China)Abstract:This paperexpla
2、insthedemandeffectandsupplyeffectofmonetarytransmission through asimplified theorymodelatfirst,and discusses howandthe posibilitythatthe "price puzzle"would happen when we take the supplyeffectintoaccount.Then,basedon VARmodel,thepaperanalyzesthe priceeffectofmonetarypolicy transmission th
3、rough aggregate and industrylevelduring 19972008 in China.The empiricalresults ofaggregate data showthatchangingoftheinterestpolicycan produce the "price puzzle"obviouslyandwilllastoutabouthalfa year.The empiricalresults ofindustrydata showthatthe "price puzzle"isevenmorepowerfulandwilllas