| 货币政策结构调整的行业非对称效应分析--基于中国货币政策的实证研究 |
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| 引用本文： | 金永军,陈柳钦.货币政策结构调整的行业非对称效应分析--基于中国货币政策的实证研究[J].华侨大学学报(哲学社会科学版),2006,9(1):48-58. |
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| 作者姓名： | 金永军 陈柳钦 |
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| 作者单位： | 1. 南开大学,经济学院,天津,300071
2. 天津社会科学院,天津,300061 |
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| 摘 要： | 从基于要素密集度不同的两部门例子出发,说明了由于行业自身的异质性,每个行业对同一货币政策冲击的反应各异。利用E-G两步法、ADL模型和基于VAR模型的脉冲响应函数分析1995年后中国六个行业对货币政策冲击的反应。结果显示第一、二产业、房地产业对利率政策冲击反应明显,第三产业、餐饮业和批发贸易零售业反应较小。在此基础上简单分析了造成行业反应不同的原因并给出相关的政策建议。
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| 关 键 词： | 货币政策 行业效应 利率 脉冲响应函数 |
| 文章编号： | 1006-1398(2006)01-0048-11 |
| 收稿时间： | 07 2 2005 12:00AM |
| 修稿时间： | 2005年7月2日 |
Industries' Asymmetrical Effects of Chinese Monetary Policy -Cases Study of Chinese Monetary Policy |
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| JIN Yong-jun,CHEN Liu-qin.Industries'''' Asymmetrical Effects of Chinese Monetary Policy -Cases Study of Chinese Monetary Policy[J].Journal of Huaqiao University(Humanities & Social Science),2006,9(1):48-58. |
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| Authors: | JIN Yong-jun CHEN Liu-qin |
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| Institution: | 1. College of Economics, Nankai Univ., Tianjin, 300071 ; 2. Tianjin Academy of Social Science, Tianjin, 300191, China |
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| Abstract: | This paper firstly documents a simple theoretical example focusing on one character of industries: factor intensity and proves that monetary has different effects across industries,then measures the impact of monetary policy shocks on output of six industries in China after the year 1995.Both EG two-step estimate and impulse response functions from estimated structural vector auto-regression modal reveal differences in monetary policy responses,which in some cases are substantial such as the First industry and the Second industry.This paper also simply provides evidence on the reasons for the measures differential policy responses across industries and some suggestions for Chinese government. |
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| Keywords: | monetary policy industrial effects rate of interest impulse response functions |
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