货币政策对银行间市场流动性影响效应的实证研究及启示

银行间货币市场是央行实施货币政策的重要平台，研究货币政策对银行间市场流动性的影响对于完善商业银行日常流动性管理具有重要意义。文章在设定银行间市场流动性测度指标与梳理货币政策工具对市场流动性的影响机制的基础上，分别使用事件分析法和时间序列模型对不同政策工具的影响效应进行实证分析，得出相关分析结论，并总结其对于完善商业银行日常流动性管理的启示。

An empirical study on monetary policy impacts on interbank market liquidity and its implications

The interbank money market is an important platform for the central bank to conduct monetary policy. The study of the monetary policy＇s impacts on the interbank market liquidity carries important significance on improving the daily liquidity management of commercial banks. On the basis of establishing the indicators measuring the interbank market liquidity and consolidating the mechanism of monetary policy instrument＇s effects on market liquidity, the article gives an empirical analysis on the impacts of different policy instruments through event study method and time series model, and reaches some conclusions. It then summarizes the implications on improving the daily liquidity management of commercial banks.