货币政策有效性的微观基础分析——基于我国企业的实证分析

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1、effectivenessofmonetarypolicy,whethermonetarypolicyhaseffect，andhowmicro—foundationsaffecttheofmonetarypolicy．Abovetheseliteratures，authorhassomedoubtfulpoints，forexamplehowtomeasurethestateofmonetarypolicyThesecondchapterappliesmonetarypolicytheory,micro—economytheoryandgameth

2、eorytoparticularlyanalyzethemechanismofmicro．．foundationsinfluencingtheofmonetarypolicy．Atthefirstauthorregulatespresuppositionsofthethesis．Secondauthoranalysestheroleofmicro—foundation，especiallymanufacturers’anticipation，inmonetarypolicytransmission．Thirdauthorfartheranalyzes

3、howcanmicro—foundationandcentralbankgametoreachtheoptimizationoftheofmonetarypolicy．FinallyauthorfocusesOntheintensityfactorsofindustriesandprovesthatChinesemonetarypolicyhasdifierenteffectsacrossindustries．Thethirdchapteristhecoreofthethesis，whichempiricallyanalyzestherelation

4、shipbetweenmonetarypolicyandmanufacturers’anticipation，andmeasuretheimpactofmonetarypolicyshocksOiltheoutputsofdifferentindustriesinChina．AuthormakesHodrickandPrescottfilter,Grangertest，vectorialmodelingofautoregression(VAR)，andimpulseresponsefunction(IRF)tosustaintheconclusion

5、softhesecondchapter．Itconcludesthatthesignalofmonetarypolicycan’tchanneloffmanufacturers’anticipation，andtheimpactsonthefirstandthesecondindustriesarebiggerthanontheotherindustries．Inthelastchapter，theauthorsummarizestheconclusionsofthisthesisandmakessomesuggestionsonthecorevie

6、wpointthathowtoenhancetheofmonetarypolicyinChina．Partthree：ThemaincontributionsofthisthesisFirstistheangleofthethesis．ThisthesisemphasesOnempiricalanalyzetherelationshipbetweenmonetarypolicyandmanufacturers’anticipation，andmeasuretheimpactofmonetarypolicyshocksontheoutputsofdif

7、ferentlndustriesinChina．ThisISverynovelty．Secondistheapproachofthisthesis．TheestablishmentandusageofVARmodelistherealhighlightin、thisthesis．VARmodelwasputforwardatfirstbySims(1972)，anditdemonstratesthedynamicstructureofthemodelwiththedata，whichisresultedfromallcurr．entvariable’

8、Sregressiontoitsseverallaggingvariablewithinthemodel．W