| Empirical analysis of the monetary policy transmission through interest rate channel in China |
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| 引用本文： | YUE Yi-ding ZHOU Shuang-hong. Empirical analysis of the monetary policy transmission through interest rate channel in China[J]. 中国经济评论(英文版), 2007, 6(3): 8-12,7 |
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| 作者姓名： | YUE Yi-ding ZHOU Shuang-hong |
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| 作者单位： | School of Business, Central South University, Changsha, 410083, China |
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| 摘 要： |
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| 关 键 词： | 中国 货币政策 消费水平 投资 |
Empirical analysis of the monetary policy transmission through interest rate channel in China |
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| Abstract: | With the deregulation of interest rates in China, the interest rate channel of monetary policy transmission is becoming more and more important. Firstly, this paper makes empirical studies on the transmission mechanism in China represented by the conventional interest rate channel of monetary policy transmission by using the Granger causality test. The result shows that there is no causality neither between investment expenditure and the market interest rate nor between household consumption and the market interest rate, which suggests that the transmission of monetary policy in China is impeded. Then the reasons from three aspects including interest rate liberalization, asset-backed securitization and household consumption behavior are analyzed. |
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| Keywords: | real market interest rate consumption investment unit-root test Granger causality test |
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