| 我国货币政策的中介目标与宏观经济波动的关联性 |
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| 引用本文： | 刘金全,刘兆波.我国货币政策的中介目标与宏观经济波动的关联性[J].金融研究,2008(10). |
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| 作者姓名： | 刘金全 刘兆波 |
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| 作者单位： | 吉林大学数量经济研究中心;吉林大学商学院; |
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| 基金项目： | 吉林大学“985工程”“经济分析与预测哲学社会科学创新基地”资助 |
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| 摘 要： | 我们使用结构向量自回归模型对货币中介目标中的结构性扰动进行分离和识别。我们分别描述和检验了1993年1月至1997年12月的信贷规模中介目标和1998年1月至2007年12月的货币供给中介目标。通过具体检验发现,我国货币政策的中介目标与宏观经济周期波动具有显著的关联性,货币政策冲击的作用机制和货币政策效应依赖经济周期的具体阶段,货币政策中介目标的转变是宏观经济调控和经济运行的内在要求。
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| 关 键 词： | 货币政策 中介目标 结构冲击 VAR模型 |
The Relationship between Intermediate Target of Monetary Policy and Macroeconomic Fluctuations in China |
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| Liu Jinquan Liu Zhaobo.The Relationship between Intermediate Target of Monetary Policy and Macroeconomic Fluctuations in China[J].Journal of Financial Research,2008(10). |
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| Authors: | Liu Jinquan Liu Zhaobo |
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| Abstract: | This paper tests the relationship between the intermediate target of monetary policy and macroeeo- nomic fluctuation by using the structural VAR model.The authors respectively analyze the intermediate target of credit scale from Jan.1993 to Dec.1997 and the intermediate target of monetary supply from Jan.1998 to Dec. 2007.The empirical evidence indicates that there is significant relationship between intermediate target of mo- netary policy and macroeconomic fluctuation cycle.The changes of the intermediate... |
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| Keywords: | monetary policy intermediate target structural shock VAR model |
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