我国货币政策传导渠道的实证分析

针对我国通货紧缩的现状,中央银行在货币政策方面采取了下调利率、增加对金融机构的再贷款和再贴现等多项措施,但经济系统对此反应平淡,经济增长缺乏持续的推动力.产生这一现象的主要原因是从中央银行到企业之间,传导机制出现了严重的障碍,从而影响其效力的充分发挥.因此,在定性分析货币政策的传导机制理论的基础上,运用协整理论对我国的货币政策传导机制进行实证研究,表明我国的货币政策主要是通过股票价格渠道、汇率渠道、预期渠道三者共同传导的.

Quantitative analysis of the China's monetary policy transmission channel

Our country is encounterng serious deflation.The People's Bank of China (PBC) has adopted a series of active monetary policies. However, economy system reacted without excitement and economy increased without continuous power. Considering this phenomenon, we can't neglect the fact that our country's monetary policy transmission mechanism from PBC to the enterprise has been blocked seriously, and its effect has also been adversely influenced. The research is based on quantitative analysis and instructed by systemic idea. Using Cointegration Theory we come to the conclusion that monetary policy in our country is transmitted by three channels: exchange rate channel, expectation channel and stock price channel.