| 开放经济条件下中国货币政策的有效性——基于修正Karras模型的实证分析 |
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| 引用本文： | 谢海林,楼凤丹,邝健坤.开放经济条件下中国货币政策的有效性——基于修正Karras模型的实证分析[J].石家庄经济学院学报,2011,34(3):17-22. |
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| 作者姓名： | 谢海林 楼凤丹 邝健坤 |
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| 作者单位： | 中南财经政法大学金融学院,湖北武汉,430073 |
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| 摘 要： | 开放经济条件对货币政策的有效性有着复杂的影响。通过修正的Karras模型,运用中国1995年第二季度—2010年第三季度的数据进行实证研究,结果表明,经济开放度的提高将削弱中国货币政策的产出效应,但2005年的汇率改革对产出的影响并不显著;货币政策对价格的影响将随着经济开放度的提高而加强,但汇率改革却在一定程度上削弱了货币政策的价格效应。
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| 关 键 词： | 经济开放度 汇率改革 货币政策 产出效应 价格效应 |
The Effectiveness of Monetary Policy in the Opening Economy:Empirical Analysis Based on Modified Karras Model |
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| XIE Hai-lin,LOU Feng-dan,KUANG Jian-kun.The Effectiveness of Monetary Policy in the Opening Economy:Empirical Analysis Based on Modified Karras Model[J].Journal of Shijiazhuang University of Economics,2011,34(3):17-22. |
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| Authors: | XIE Hai-lin LOU Feng-dan KUANG Jian-kun |
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| Institution: | (Zhongnan University of Economics & Law,Wuhan,Hubei 430073) |
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| Abstract: | Economic opening has complicated effects on the effectiveness of monetary policy.By modifying the output and price model proposed by Karras,this paper analyzes the effectiveness of China’s monetary policy by using quarterly data from second quarter of 1995 to third quarter of 2010.The main conclusions are as follows:The increasing openness will weaken the output effect of monetary policy,but the exchange rate reform does not remarkably affect the output.Improvement of openness will strengthen the price effect of monetary policy,but the exchange rate reform has a negative effect on it. |
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| Keywords: | economic openness exchange rate reform monetary policy output effect price effect |
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