中国货币政策传导的股市渠道——基于宏微观视角的实证分析

本文利用中国的经济数据从宏观和微观两个视角对中国货币政策传导股市渠道的有效性进行了实证研究和分析。实证结果显示在中国现阶段货币政策传导在股市渠道的第一个阶段是有效的。但是,货币政策的传导在第二阶段从整体来说并非有效。文中构建的宏观模型和微观模型的结论得到了相互印证,增强了实证结论的可靠性。最后,文章对疏通中国货币政策传导的股市渠道提出了政策建议。

The Stock Market Channel of China's Monetary Policy Transmission: An Empirical Analysis based on Macro and Micro Perspectives

This paper mainly studies the effectiveness of monetary policy transmission through stock market channel based on Chinese economic data. The empirical studies in this paper are based on both the macroeconomic level and microeconomic level. The conclusions suggest that the first stage of transmission seems to be effective, but not the second stage as a whole. The results of macroeconomic empirical model and microeconomic empirical model coincide, which reinforce the reliability of the conclusion. Finally, po...