| 货币政策效果非对称性及"阀值效应"分析 |
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| 引用本文： | 刘明.货币政策效果非对称性及"阀值效应"分析[J].上海金融学院学报,2006,64(1):29-34. |
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| 作者姓名： | 刘明 |
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| 作者单位： | 中国社会科学院研究生院,北京,100102 |
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| 摘 要： | 本文基于1992年1季度至2005年2季度数据，运用LM检验和t检验，研究我国货币政策的非对称性以及“阀值效应”，得出我国货币政策的“阀值”在-0．08-0．05之间。货币政策的非对称性和“阀值”的存在是由于微观信贷市场上的信贷配给导致的。“阀值”和“阀值效应”的存在反映了信贷配给的强弱程度，“阀值”可以用作度量信贷配给程度的指标，它间接地反映了信贷市场的完善程度。
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| 关 键 词： | 信贷配给 货币政策 非对称性 阀值 |
| 文章编号： | 1008-8946（2006）01-029-06 |
| 收稿时间： | 2005-12-08 |
| 修稿时间： | 2005年12月8日 |
Analysis of Monetary Policy's Effect Asymmetry and Its Threshold Value |
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| LIU Ming.Analysis of Monetary Policy''''s Effect Asymmetry and Its Threshold Value[J].Journal of Shanhai Finance University,2006,64(1):29-34. |
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| Authors: | LIU Ming |
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| Abstract: | Based on quarter national time-series data between 1992-Q1 to 2005-Q2, the asymmetric and threshold effects of monetary policy have been studied in by LM test and t-test in this article. By estimates, the threshold value is between -0.08 to -0.05. Credit rationing in the credit market results in the asymmetric of monetary policy. The threshold effects reflect the degree of credit rationing and the threshold value can be used to measure the degree of credit rationing, and indirectly reflects the perfect degree of credit market. |
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| Keywords: | credit rationing monetary policy asymmetry threshold value |
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