摘要
利用NK-SVAR模型就我国货币政策的非对称性效应进行研究,结果表明,紧缩性货币政策的效果比较明显,而扩张性货币政策效果较弱。货币冲击的紧缩效应强于扩张效应,这表明抑制经济的过快增长时紧缩性的货币政策效果显著,但扩张性货币政策无法摆脱经济的恶性衰退。
This paper examines the asymmetric effects of monetary policy in different directions by creating NK-SVAR model which contains the fluctuations of the stock prices .The results show that the asymmetric effects of monetary policy exist in our country, that is, the effect of tightening monetary policy is stronger than that of expansionary monetary policy; the fluctuations of asset prices have impacts on the effects of monetary policy, indicating that monetary policy control should not only respond to output and inflation, but also respond to fluctuations of asset prices and exchange rates. On the whole, with the increased economic openness and deep financial system reform, our monetary policy needs to be further adjusted to maintain the long-term steady growth of our economy.
出处
《经济与管理》
CSSCI
2012年第6期72-77,共6页
Economy and Management
关键词
货币政策
资产价格
非对称效应
Monetary policy
Stock prices
Asymmetric effects
