| 经济开放度与货币政策有效性的实证分析 |
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| 引用本文： | 朱钟棣. 经济开放度与货币政策有效性的实证分析[J]. 当代财经, 2010, 0(12) |
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| 作者姓名： | 朱钟棣 |
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| 作者单位： | 上海对外贸易学院国际经济贸易研究所; |
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| 摘 要： | 通过运用Karras建立的产出增长率和通货膨胀模型,采用向量自回归VAR框架,分析经济开放度对我国货币政策效果的影响。回归结果表明,无论是以M0作为货币政策的测度指标,还是以M1作为货币政策的测度指标,它们都反映出:在长期,经济开放度的提高会削弱货币政策的有效性;但从短期来看,经济开放度的提高不一定会削弱货币政策的有效性,有时反而会提高货币政策的有效性。
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| 关 键 词： | 经济开放度 货币政策 价格效应 产出效应 |
An Empirical Study of Economic Openness and Monetary Policy Effectiveness |
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| ZHU Zhong-di. An Empirical Study of Economic Openness and Monetary Policy Effectiveness[J]. Contemporary Finance & Economics, 2010, 0(12) |
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| Authors: | ZHU Zhong-di |
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| Affiliation: | ZHU Zhong-di(Shanghai Institute of Foreign Trade,Shanghai 201620,China) |
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| Abstract: | By constructing a model of output growth rate and inflation with Karras,this paper makes use of VAR framework to analyze the influence of degree of openness on the effectiveness of China's monetary policy.The result indicates that whether M0 or M1 is used as measuring index for monetary policy,each can reflect that in long-term the increasing openness of economy would decrease the effectiveness of monetary policy;while in short-term the increasing economic openness will not necessarily reduce the effectiven... |
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| Keywords: | economic openness monetary policy price effect output effect |
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