| 货币政策对汇率影响的实证研究 |
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| 引用本文： | 赵政党. 货币政策对汇率影响的实证研究[J]. 西北大学学报(哲学社会科学版), 2011, 41(6): 92-96 |
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| 作者姓名： | 赵政党 |
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| 作者单位： | 西安交通大学经济与金融学院,陕西西安,710061 |
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| 摘 要： | 通过利用VAR模型,分别以Granger因果检验法和向量自回归分解法检验中国同业拆借利率、货币供应量对人民币有效汇率的解释能力,及利率变化对汇率波动的影响。实证结果表明:货币供应量、利率对人民币汇率波动都具有贡献度,且利率的变化对汇率波动的影响比货币量对其的影响更快也更多。货币供应量、利率对人民币汇率有着十分显著的影响。
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| 关 键 词： | 货币政策 汇率 货币供应量 利率 |
An Empirical Study of the Influence of Monetary Policy on the Exchange Rate |
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| ZHAO Zheng-dang. An Empirical Study of the Influence of Monetary Policy on the Exchange Rate[J]. Journal of Northwest University(Philosophy and Social Sciences Edition), 2011, 41(6): 92-96 |
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| Authors: | ZHAO Zheng-dang |
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| Affiliation: | ZHAO Zheng-dang(School of Economics and Finance,Xi′an Jiaotong University,Xi′an 710061,China) |
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| Abstract: | Whether the monetary policy exerts great influence on exchange rate fluctuations is the utmost guarantee to the effectiveness of the exchange rate transmission channel under our national monetary policy.Therefore,there is great necessity of applying related data to analyze the influence from an empirical perspective.By utilizing the VAR model,this paper adopts Granger Causality Test and the Variance Decomposition Method to examine the interest rate,the explanatory ability of money supply to the effective ex... |
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| Keywords: | monetary policy exchange rate money supply interest rate |
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