货币政策的利率效应：来自中国过去20年的实证

运用方差分解方法考察利率对中国货币政策最终目标的贡献度,运用脉冲响应函数考察利率对中国货币政策传导机制相关经济变量的影响,并深入分析这种利率效应的产权制度原因,可以得出以下几点结论:(1)利率目前在中国货币政策中的作用非常有限,对货币政策的影响集中于短期;(2)传统的国有产权制度是利率在中国货币政策中表现欠佳的制度原因。(3)要充分发挥货币政策中的利率效果,必须先进行彻底的产权改革。

Interest Rate Effect of Monetary Policy:Empirical Evidence From China in the Past twenty Years

The purpose of this paper is,by suing Variance Decomposition Method,to explore the contribution of the interest rate to the ultimate objects of monetary policy;and to explore the influence of the interest rate on related variants in the transforming mechanism of monetary policy.From the perspective of property tights institution;we analysis the interest rate effect of monetary policy.We hold up in this paper that:(1)the influence of interest rate on the monetary policy in China is limited and obvious in short-term;(2)The Classical state-owned property tights institution constructs the institutional factor which lead to weak effect of interest rate in China;(3)Whole complete property rights reform is the premise of make the most of the interest rate effect of monetary policy.