| 货币调整中我国资本市场信息传递效果研究 |
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| 引用本文： | 左昊华,何小锋.货币调整中我国资本市场信息传递效果研究[J].经济问题,2010(2). |
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| 作者姓名： | 左昊华 何小锋 |
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| 作者单位： | 北京大学经济学院; |
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| 基金项目： | 2008年教育部哲学社会科学研究重大课题攻关项目“货币政策体系及传导机制”(08JZD0015) |
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| 摘 要： | 根据对1998~2009年间我国货币供应量、利率、股票市场规模、实体经济的四变量VAR模型分析判断,我国资本市场并不能对以经济增长为目标的货币政策调整信息进行及时有效的传导;且引起了货币当局产生上期货币政策调整不够的认识误差。这些情况实际反映出货币调整不足以使公众对未来经济,尤其是实体经济保持乐观预期。我国应努力不断改进实体经济的健康运行机制,以使公众对未来经济保持稳定和较高的收益预期。
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| 关 键 词： | 货币政策 资本市场 传导效率 经济增长 |
The Study of Information Tuansfering Efficiency in China Capital Market Toward Manetary Adjustment |
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| ZUO Hao-hua,HE Xiao-feng.The Study of Information Tuansfering Efficiency in China Capital Market Toward Manetary Adjustment[J].On Economic Problems,2010(2). |
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| Authors: | ZUO Hao-hua HE Xiao-feng |
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| Institution: | College of Economics;Peking University;Beijing 100871;China |
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| Abstract: | Using related monthly data from 1998.1 to 2009.4,author analyze the real function of capital market in monetary policy transfer chain by VAR model.And found the whole transfer chain of Chinese monetary policy is not efficient,especially in interest rate-capital market part.But capital market has other functions in this chain: because of cognitive bias from capital market and real economy sector,monetary authority may hold more powerful monetary policy in same direction. |
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| Keywords: | monetary policy capital market transfer efficiency economic growth |
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