| 我国货币供给的产出效应及其传导路径的实证研究 |
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| 引用本文： | 唐安宝,姚绍真.我国货币供给的产出效应及其传导路径的实证研究[J].南方金融,2009(11). |
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| 作者姓名： | 唐安宝 姚绍真 |
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| 作者单位： | 中国矿业大学管理学院,江苏,徐州,221116 |
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| 摘 要： | 本文选取1999年第1季度至2009年第1季度的季度数据,通过协整检验和Granger因果关系检验对我国货币供给的产出效应进行实证研究,结果显示我国货币供给具有较显著的产出效应,说明我国现阶段重视货币政策的作用,选择货币供应量作为货币政策的中介目标具有合理性和有效性.在此基础上,基于需求角度对我国货币供给产出效应的三条传导路径进行实证分析,结论为:"投资路径"和"消费路径"有效,但在不同传导环节上的传导效果存在差异.从总体上看,"投资路径"的传导效果较"消费路径"更为显著."净出口路径"发生阻滞和逆转.基于此,本文探究其原因并提出相应疏通传导路径、增强我国货币供给产出效应的政策建议.
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| 关 键 词： | 货币供给 产出效应 传导路径 |
Empirical Study on Production Effect of Money Supply in China and Its Transmission Channels |
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| Tang Anbao , Yao Shaozhen.Empirical Study on Production Effect of Money Supply in China and Its Transmission Channels[J].South China Finance,2009(11). |
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| Authors: | Tang Anbao Yao Shaozhen |
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| Institution: | Tang Anbao and Yao Shaozhen(School of Management,China University of Mining and Technology,Xuzhou,221116 China) |
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| Abstract: | This paper conducts empirical study on the production effect of money supply(PEMS) in China using cointegration test and granger causality test,based on quarterly data from Q1 1999 to Q1 2009.The results show that money supply has a remarkable production effect,which demonstrates the rationality and effectiveness of selecting money supply as intermediary target of monetary policy.Then,we study empirically the three transmission channel of PEMS from the aspect of demand and conclude that investment channel a... |
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| Keywords: | Money Supply Production Effect Transmission Channel |
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