| 基于VAR模型的我国货币政策有效性实证分析 |
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| 引用本文： | 肖志勇,刘涛. 基于VAR模型的我国货币政策有效性实证分析[J]. 改革与战略, 2009, 25(9) |
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| 作者姓名： | 肖志勇 刘涛 |
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| 作者单位： | 1. 江苏大学财经学院,江苏,镇江,212013
2. 江苏大学工商管理学院,江苏,镇江,212013 |
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| 摘 要： | 货币政策有效性包括工具的有效性、传导机制的效率以及能否达到预期目标,而评价货币政策是否有效的最终依据是货币政策的实施效果.文章构建了测度货币政策有效性的VAK模型,利用脉冲响应函数分析了相关变量对CPI影响的强弱程度及其对货币政策发生效力的滞后时间,认为我国的货币政策是基本有效的,货币供给量M0是近期货币政策中较合适的货币政策工具,并提出了将价格型工具和数量型工具混合使用以实现货币政策预期目标的建议.
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| 关 键 词： | 货币政策 有效性 VAK模型 脉冲响应函数 |
The Positive Analysis to the Validity of China's Monetary Policy Based on VAR Model |
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| Xiao Zhiyong,Liu Tao. The Positive Analysis to the Validity of China's Monetary Policy Based on VAR Model[J]. Reformation & Strategy, 2009, 25(9) |
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| Authors: | Xiao Zhiyong Liu Tao |
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| Affiliation: | 1. School of Finance & Economics;Jiangsu University;Zhenjiang;Jiangsu 212013;2. School of Business Administration;Jiangsu 212013 |
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| Abstract: | The validity of monetary policy comprises the validity of the tools, the efficiency of the conduction mechanism & whether it can attain the anticipated objective, but the final basis to evaluate the validity of monetary policy is the practical effect of monetary policy. This paper establishes a VAR model to estimate the validity of monetary policy; then by utilizing the impulse response function, it analyses how hard the correlative variable effects CPI and the hysterical time of that the correlative variab... |
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| Keywords: | monetary policy validity VAR model the impulse response function |
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