| 货币政策的产业效应分析——基于中国货币政策的实证研究 |
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| 引用本文： | 戴金平,金永军,陈柳钦.货币政策的产业效应分析——基于中国货币政策的实证研究[J].上海财经大学学报,2005,7(4):8-15. |
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| 作者姓名： | 戴金平 金永军 陈柳钦 |
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| 作者单位： | [1]南开大学经济学院,天津300071 [2]天津社会科学院,天津300061 |
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| 摘 要： | 本文从基于要素密集度不同的两部门例子出发，说明了由于行业自身的异质性，每个行业对同一货币政策冲击的反应各异。接着利用E—G两步法、ADL模型和基于VAR模型的脉冲响应函数分析1995年后中国六个行业对货币政策冲击的反应。结果显示第一、二产业、房地产业对利率政策冲击反应明显，第三产业、餐饮业和批发贸易零售业反应较小。在此基础上简单分析了造成行业反应不同的原因并给出相关的政策建议。
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| 关 键 词： | 货币政策 行业效应 利率 脉冲响应函数 |
| 文章编号： | 1009-0150（2005）04-0008-08 |
| 收稿时间： | 2005-02-14 |
| 修稿时间： | 2005年2月14日 |
An Empirical Analysis on the Industrial Effects of Chinese Monetary Policy |
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| Dai JinPing;Jin YongJun;Chen LiuQin.An Empirical Analysis on the Industrial Effects of Chinese Monetary Policy[J].Journal of Shanghai University of Finance and Economics,2005,7(4):8-15. |
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| Authors: | Dai JinPing;Jin YongJun;Chen LiuQin |
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| Abstract: | This paper documents a simple theoretical example focusing only on the intensity factor of industries and proves that Chinese monetary policy has different effects across industries. By EG two-step estimate, ADL model and impulse response functions based on VAR model, it measures the impact of monetary policy shocks on the output of six industries in China after 1995. It concludes that the impacts on the First and the Second Industry are bigger than on the other industries. Finally, the paper analyzes the reasons for the different policy responses across industries and gives some suggestions for Chinese Government. |
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| Keywords: | monetary policy industrial effects interest rate |
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