分割经济条件下利率政策的效应——关于我国连续降息经济效果的理论和实证

 1996年以来，为促使经济快速走出持续的低迷，央行采取了连续的降息政策，但降息并没有取得预期的经济效果。对于其中的原因，许多学者已进行了研究并获得了不少有意义的结论。不过这些研究却大多对这样一个事实重视不够，即我国经济实际上存在的分割性。为弥补这一不足，本文将分析这种分割对利率政策效果的弱化作用。

The effect of interest rate policy under an intersected economy

On the beginning, this paper empirically analyses the consumption and investment effect of the rate and from this we find two characteristics. Then based on this and as a fact that our economy is divided, we analyze the economic effect of the rate policy on theory. For this we get three conclusions: Firstly, the rate substitute effect of the consumption is obscure as the rates of the financial market are divided. Secondly, the allocative efficiency of the financial resources is low as the real economic sectors are divided. Thirdly, the investment efficiency of the individuals economic sectors is also low as the financial market is divided.