中国货币政策非对称效应形成机理研究——基于价格传导机制的视角

中国货币政策具有显著的非对称效应，紧缩性货币政策对产出的影响力度强于扩张性货币政策。本文以价格粘性为核心构建菜单成本模型，从货币政策价格传导渠道分析货币政策非对称效应的形成机理。研究表明，货币政策非对称效应的主要成因是非对称的价格传导渠道。企业面临货币政策冲击时，遵循菜单成本和扭曲成本孰低原则决定调整价格还是产量。降价的菜单成本低于涨价成本以及扭曲成本随通货膨胀趋势呈非线性变化共同导致了非对称的价格粘性，由此产生的非对称货币政策传导机制是货币政策非对称效应的形成机理。因此，货币政策效果随通货膨胀率而变，货币政策效应非对称程度在不同的通货膨胀率区间存在差异，随通货膨胀率的上升呈现出先减后增再减的驼峰形趋势。本文进一步通过构造状态空间模型实证检验了理论模型在中国的适用性。为了实现经济稳定增长，中央银行制定货币政策时不仅要决定政策实施方向和力度，还应考虑经济所处的通货膨胀率区间。

Why There Exists Asymmetric Montary Policy Effect in China : Evidence on Menu Cost Model and the Price Transmission Channel

There is asymmetric montary policy effect in China,which means that the tight monetary policy affects the economy more strongly than the easy monetary policy.In this paper,we study the mechanism of the asymmetric effect through the price transmission channel of monetary policy by Menu Cost model based on sticky price.We find that the asymmetric price transmission mechanism is the main cause of the asymmetry of monetary policy.Firms decide to adjust price or output in terms of laws that which menu cost and d...